China’s monocrystalline PERC M10 and G12 cell prices extended losses this week, falling 4.54% and 16.69% to $0.0484/W and $0.0584/W respectively, while TOPCon M10 cells held steady at $0.0610/W.

The price spread for PERC M10 cells has widened this week. As M10 cells fall to an average price of around CNY0.389 ($0.055)/W, a major cell manufacturer continues to offer them at about CNY0.41/W, saying that “production will cease if the price drops any further.”

In contrast, an integrated player said cell buyers are unwilling to pay for PERC M10 cells at CNY0.4/W. The market has even reported transaction prices of CNY0.35/W, a project developer said.

PERC M10 cells have an “excessively high production capacity” and “there are quite a lot of irrational prices on the market at the moment,” according to a cell producer.

PERC G12 cells meanwhile plummeted 16.69% this week as demand dropped, more than shedding recent gains from November’s demand spike, a market watcher said. This suggests that the peak demand season for this year’s installations has passed, he added.

TOPCon M10 cells hold steady as sources concur that the market faces a scarcity of high-efficiency N-type cells. However, an increase in n-type cell prices is unlikely, according to a large integrated manufacturer. The next two months are an “off-season” because of the Christmas and Chinese New Year holidays, he said. “Depending on how low demand and shortages interact, n-type cell prices may remain steady in the near future,” he continued.

A significant amount of PERC cell production capacity is reportedly closing, with a faster than expected shift towards n-type cell production taking place, according to a major solar manufacturer. According to the manufacturer, half of PERC cell capacity is predicted to shut, leaving only 200-300 GW of PERC capacity available in 2024.

（Picture: Veer）