Global module prices stable-to-soft amid mixed sentiments
The Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon modules from China fell 1.12% at $0.084/W Free-On-Board (FOB) China, with price indications between $0.080-0.088/W. FOB China Mono PERC module prices tracked the downward trend, also dropping 1.12% at $0.084/W FOB China, with prices between $0.081-0.088/W.
Industry sources noted that TOPCon module prices for the second half of 2025 were at a “premium” compared to spot or first-half 2025 prices, as manufacturers adjust pricing upward due to firm upstream raw material costs.
Sales activity has gradually rebounded following the Lunar New Year, with transactions gaining momentum post-holiday. A TOPCon module deal by a top 10 manufacturer was heard at $0.084/wp FOB China. Another transaction for second-half 2025 loading was concluded at $0.085/W FOB China, OPIS earlier reported.
First-half 2025 loading was at $0.084/W, with values between $0.081-0.087/W, while second-half 2025 loading prices rose 1.19% to $0.085/W. First-quarter 2026 prices were assessed at $0.083/W, with prices quoted from $0.080-0.087/W.
FOB China TOPCon 450wp modules for spot loading were assessed 2.13% lower at $0.092/W, with price indications between $0.086-0.100/W.
Europe: TOPCon prices for 575wp modules remained unchanged during the week of the Chinese New Year. OPIS assessed the average price at €0.096/W, with indications between a low of €0.080/W and a high of €0.110/W for Tier1 panels.
TOPCon prices for 450 W modules rose a touch by 1% and were reported at the average price of €0.101/W, with indications between a low of €0.090/W and a high of €0.110/W for Tier1 panels.
Utility project developers told OPIS that prices for both utility and residential PV panels are slowly starting to rise. “Chinese manufacturers are no longer willing to produce below cost, and this is driving values upwards”.
On potential US-EU solar trade barriers, market players find it difficult to evaluate the impact of the US and Chinese policies. “Europe has indicated that they would develop more business with China and India, and this could be positive for solar activity within Europe,” a French solar energy company said.
U.S.: The spot price for TOPCon utility-scale modules DDP US was stable this week at $0.279/W. The spot price for Mono PERC 400 W modules EXW held at $0.303/W. On the forward curve, OPIS is assessing TOPCon modules to be delivered DDP in the fourth quarter of 2025 at $0.282/W, and Mono PERC modules in the same period at $0.272/W.
Anxiety over the fate of Inflation Reduction Act incentives remains. Solar trade groups organized a “lobbying blitz” in Washington D.C. last week to stress the importance of clean energy tax credits in the IRA, which are helping to reduce “U.S. reliance on foreign adversaries,” employing Americans, and supplying the grid with low-cost power, the Solar Energy Industries Association (SEIA) said in a release. The organizations that took part in the meetings with lawmakers represent more than 2000 energy companies.
According to a distributor, prices for distributed generation modules look stable through February, but will increase in March, though they are “still skeptical on how high they will be.”
OPIS, a Dow Jones company, provides energy prices, news, data, and analysis on gasoline, diesel, jet fuel, LPG/NGL, coal, metals, and chemicals, as well as renewable fuels and environmental commodities. It acquired pricing data assets from Singapore Solar Exchange in 2022 and now publishes the OPIS APAC Solar Weekly Report.
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