The Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon modules from China rose 1.14% to $0.089/W Free-On-Board (FOB) China, with higher price indications between $0.085-0.093/W. FOB China Mono PERC module prices remained stable at $0.085/W FOB China with indications between $0.082-0.088/W.
China’s TOPCon module prices extended gains for the fifth consecutive week, driven by strong domestic demand ahead of an expected Q2 installation surge. A 200 MW FOB April loading deal for top five TOPCon modules was done at $0.090/W, according to industry sources. Over the past weeks, several trades were heard between high-$0.080 to low-$0.090/W FOB China.
In the forward curve, price hikes were mainly seen in the front-loading months due to a trickle effect on higher spot prices. Although industry sources expect prices to ease after April, several manufacturers have held their offer levels until June.
Q2 2025 loading cargoes rose 1.14% to $0.089/W, while Q3 2025 prices edged up 1.16% to $0.087/W. Prices for Q4 2025 and Q1 2026 held steady at $0.086/W and $0.085/W, respectively. Q2 2026 loading prices remained unchanged at $0.085/W, with offers ranging $0.080-0.090/W.
According to OPIS data, ≥600 W TOPCon modules rose 5.9% since early February compared to 2.2% seen for 450 W TOPCon modules over the same period.
Europe: DDP Europe TOPCon prices for modules ≥600 W increased by 1% on the week. OPIS assessed the average price at €0.101/W for Tier 1 panels. This is the third consecutive week of price increase for DDP EU TOPCon modules.
EXW Europe TOPCon prices for modules ≤450 W remained stable and were reported at the average price of €0.103/W.
Made in Europe TOPCon modules were reported at an estimated price between €0.250/W and €0.300/W.
A major developer shared that he is seeing high level of activities for new solar projects in Eastern Europe as the region is on track to nearly quadruple its cumulative capacity by 2033.
A Dutch manufacturer told OPIS that their plans to build a 1 GW PV module factory in The Netherlands is on hold due to market uncertainties, unclear regulations and the long process for the European NetZero Industry Act to take off.
U.S.: The spot price for TOPCon ≥600 W DDP US was assessed this week at $0.260/W, down 1.89% week over week, as customers continue to note the availability of lower cost modules from suppliers in Laos and Indonesia between $0.21 and $0.24/W.
The spot price for Mono PERC modules ≤450W EXW was steady at $0.312/W.
In the forward market, OPIS assessed TOPCon modules in the first quarter of 2026 at $0.276/W, and Mono PERC modules in the same period at $0.266/W.
As new aluminum and steel tariffs take effect, a Canada-based developer said she has seen the spot price of TOPCon modules from Southeast Asia to the U.S. go up roughly $0.01/W, from an average of $0.23 to $0.24/W.
As American assemblers continue to come online, the same source said she sees offers for U.S.-assembled modules “all over the place” from the high-$0.20s/W to the high-$0.30s/W, and said pricing seems “largely random” at this point, with no clear trend for pricing from supplier to supplier.
New import data provided by the petitioners in the ongoing AD/CVD case last week shows that, assessed by value, imports of solar cells and modules from January 2024 to January 2025 grew by 214% from Laos and by 4,797.96% from Indonesia.
