The Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon modules from China held steady at $0.089/W Free-On-Board (FOB) China, with indications between $0.085-0.090/W. FOB China Mono PERC module prices were stable at $0.085/W with indications between $0.082- 0.088/W.
In the forward market, Q2 2025 loading cargoes stayed flat at $0.089/W, while Q3 2025 prices were assessed at $0.086/W. Prices for Q4 2025 fell 1.16% on the week to $0.085/W, while Q1 and Q2 2026 loading prices softened by 1.18% to $0.084/W, with prices ranging between $0.080- 0.090/W.
FOB China TOPCon panels of less than 450 W for spot loading fell 2.11% to $0.093/W, with lower price indications between $0.090- 0.098/wp.
Demand from distributed PV projects in China has reportedly declined significantly as the momentum from the 430 policy-driven installation rush subsides, with both project developers and channel partners experiencing reduced order visibility—an indication that market conditions may continue to soften between late Q2 and Q3.
Although China added nearly 60 GW of photovoltaic installations in the first quarter—an increase of approximately 30.5% year-on-year and positive support for module manufacturers—industry insiders caution that Chinese module producers will continue to face mounting challenges moving forward. These include the rise of domestic manufacturing capabilities in key export markets, ongoing patent disputes among Chinese firms that could restrict international market access, and a slowdown in export growth as overseas markets become increasingly saturated.
Europe: DDP Europe prices for TOPCon modules of over 600 W rose by 0.97% on the week to €0.104/W, with market indications ranging from €0.096/W to €0.112/W for Tier-1 panels.
EXW Europe prices for TOPCon modules of over 450 W likewise rose by 0.96%, assessed at €0.105/W, with reported indications ranging from €0.097/W to €0.115/W for Tier-1 panels.
From a broader geopolitical perspective, U.S. tariffs on Chinese solar products have yet to affect the European market. While China may redirect shipments originally intended for the U.S., analysts believe the risk of a new price war remains low, as margins in Europe are already significantly compressed.
U.S.: The spot price for TOPCon ≥600wp DDP US was assessed this week at $0.264/W, up 0.38% from last week, while the spot price for Mono PERC modules of over 450 ” EXW fell 1.59% to $0.309/W.
Looking ahead, OPIS maintains its assessment for the first quarter of 2026 at $0.276/W for TOPCon modules and $0.266/W for monocrystalline PERC modules. The forward curve remains unchanged from the previous week, with sources noting a general reluctance from both buyers and sellers to commit to forward contracts.
As the market adjusts to the implementation of the 10% universal tariff, sources indicated a lack of significant stockpiling activity by customers ahead of the 90-day reciprocal tariff window, reflecting a subdued market. A major developer noted that while a one to two-cent price increase is possible, there has yet to be any substantial market reaction from suppliers in response to the tariff.
Meanwhile, some suppliers have reportedly shifted their focus in customer communications toward supply chain traceability and the adjustments being made in light of ongoing trade tensions.
Market sources also indicated the potential for short-lived price increases following the U.S. Department of Commerce’s final determination in the anti-dumping and countervailing duties investigation concerning solar cells and modules originating from four Southeast Asian countries. Some suppliers may capitalize on media attention surrounding the highest tariff rates to justify temporary price adjustments, sources added.
