In the Chinese market, the majority of module sellers OPIS surveyed said the TOPCon FOB China market was quiet and prices were stable although there were some buyers out in the market talking down prices. Market talks of TOPCon prices below $0.09/W FOB China were circulating in the market, with one buyer pointing out that there were offers of Grade A TOPCon cargoes with a power output of 580-585 W of cargo sizes above 10 MW being offered at $0.081-0.086/W. However, sellers OPIS surveyed said there were no transactions at this level.
Most market discussions continued to be heard at $0.095-0.10/W FOB China. The Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon modules from China was assessed at $0.096/W unchanged from the previous week while Mono PERC module prices were assessed stable week-to-week at $0.090/W.
Bearish sentiment prevailed in the Chinese domestic market as recent large-scale public tenders such as China Coal Group’s 4 GW procurement tender had attracted low offers of CNY0.7134 ($0.100)/W for N-type modules and CNY 0.7104/W for P-type modules with many market participants expecting module prices to fall to CNY0.70/W levels in the coming weeks, an industry source said. Mono PERC module prices were assessed at CNY0.777/W, stable from the previous week while TOPCon module prices were assessed unchanged at CNY0.801/W week-to-week.
In the European market, OPIS assessed the TOPCon modules delivered into Europe lower on the week at €0.109 ($0.12)/W, with indications ranging from €0.100/W to €0.120/W While delivered prices have eased in recent weeks due to a seasonal lull, a market source noted that August freight rates are still hovering at high levels compared to the previous few months.
According to OPIS records, August freight rates from China to Rotterdam are around $7000 to $8000 per forty-foot equivalent unit (FEU), approximately $0.0189/W to $0.0192/W, which is 30% higher compared to June. According to a European trade source, TOPCon modules up to Q2 2025 delivery were heard to be around €0.100/W to €0.110/W depending on the project size.
In the U.S. market, spot prices for U.S. delivered duty-paid (DDP) TOPCon modules fell this week to $0.291/W, with indications from $0.260/W to $0.320/W, while prices for Q1 2025 delivery averaged $0.311/W, ranging between $0.280/W and $0.350/W. OPIS assessed the U.S. mono PERC Q4 delivery module prices at $0.249/W, with indications between $0.200/W to $0.295/W, while 2025 delivery cargoes were around $0.27-0.34/W.
A major U.S. buyer said that prices of TOPCon modules from India and Southeast Asia scheduled for shipment this year have dropped recently. Another North American source noted growing concern among developers as autumn nears, particularly regarding the heightened tariff risk from Southeast Asia. Trade officials significantly broadened the scope of AD/CVD investigations this spring, increasing the likelihood of finding anti-market behavior in the four targeted countries. The White House has yet to clarify whether there will be tech exemptions or grace periods.
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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