China’s photovoltaic (PV) industry continues to face pricing pressure as polysilicon values decline amid subdued market activity and persistent oversupply.
The silicon industry division of the China Nonferrous Metals Industry Association (CNMIA) reported that polysilicon prices remained on a downward trajectory following the Chinese New Year holiday. Transaction volumes were limited, and procurement activity remained muted. Although manufacturers reduced operating rates to 32%, supply continued to outpace demand.
Wafer prices also softened across major formats. N-type G10L wafers averaged CNY 1.10 ($0.15) per piece, marking an 8.33% decline. G12R wafers fell 4.76% to CNY 1.20, while G12 wafers dropped 3.45% to CNY 1.40. The association attributed the downturn to a slower-than-expected recovery in downstream wafer demand and cautious buying sentiment across the supply chain.
Daqo Reports Quarterly Loss Amid Market Headwinds
Daqo New Energy disclosed that its controlling shareholder, Daqo Cayman, recorded fourth-quarter 2025 polysilicon production of 42,181 metric tons (MT), with sales totaling 38,167 MT. Revenue for the quarter stood at $221.7 million, down from $244.6 million in the third quarter. The company reported a net loss attributable to shareholders of $7.3 million.
For the full year 2025, Daqo produced 123,652 MT and sold 126,707 MT of polysilicon, generating $665.4 million in revenue. However, it posted a net loss of $170.5 million, reflecting continued pricing pressure.
Looking ahead, the company expects first-quarter 2026 output to range between 35,000 MT and 40,000 MT. Full-year production is projected at 140,000 MT to 170,000 MT, factoring in scheduled maintenance activities.
CGN Shortlists Suppliers for 9 GW Inverter Tender
China General Nuclear Power New Energy has announced shortlisted candidates for its 2026 framework procurement of PV inverters. The 9 GW tender covers five lots for string inverters rated at 300 kW and above, with 150 kW to 300 kW units designated as backup options.
Selected companies include Digital China (Shenzhen), Sineng Electric, Zhuzhou Converter National Engineering Research Center, Sungrow, TBEA Xinjiang New Energy, Kehua Digital Energy, and Sofar Solar. The framework agreement will be valid from Jan. 1 to Dec. 31, 2026.
Trina Solar Updates Module Pricing
Trina Solar has revised its guidance prices for distributed PV modules. Standard large-format and bifacial anti-soiling modules are now quoted between CNY 0.89/W and CNY 0.94/W—an increase of approximately CNY 0.01/W compared to Jan. 20 levels.
Meanwhile, anti-glare modules are priced between CNY 0.94/W and CNY 0.98/W, reflecting a CNY 0.01/W decrease. Lightweight single-glass modules saw a more significant reduction, now quoted at CNY 0.99/W to CNY 1.03/W, down by CNY 0.09/W to CNY 0.19/W.
The latest developments underscore ongoing volatility within China’s solar manufacturing sector, as companies navigate oversupply conditions, weak downstream demand, and shifting pricing dynamics heading into 2026.
