On November 12, 2026, the spot market price update for photovoltaics released by Gaixi New Energy showed that polysilicon prices remained stable, while prices for silicon wafers, solar cells, and modules were generally unchanged. Among them, the mainstream price for N-type material was RMB 40–43/kg, with an average price of RMB 43/kg; the mainstream price for N-type granular silicon was RMB 40–42/kg. The average price of N-type bifacial TOPCon modules (620–635 W) was RMB 0.695/W. Prices across all stages of the industry chain were temporarily stable, and market participants were generally adopting a wait-and-see approach.

The key point in this update is that temporary stability was not limited to a single product, but extended across polysilicon, silicon wafers, solar cells, and modules. For market participants monitoring procurement costs and sales quotes, whether prices upstream and downstream can remain relatively stable, and which stage may change first, are more informative than looking at any single quote in isolation.

What Are the Price Levels for Polysilicon and Modules?

For polysilicon, the mainstream price range for N-type material was RMB 40–43/kg, with a published average price of RMB 43/kg; the mainstream price range for N-type granular silicon was RMB 40–42/kg. These quotes refer to different products and should be considered separately. In particular, the mainstream price range reflects the quoted range for the specified product and should not be taken to mean that any one price in that range applies to all transactions.

For modules, the average price of N-type bifacial TOPCon modules (620–635 W) was RMB 0.695/W. This price applies to a specific module type and power range and can be used to understand the market level for that product specification. Other specifications should be assessed using their corresponding quotes; this average price should not be applied directly to them.

This update describes prices for silicon wafers, solar cells, and modules as generally stable, but the specific figures provided relate to polysilicon and the module specifications listed above. Price differences among silicon wafer and solar cell specifications, as well as specific quotes for other module products, require further monitoring through the relevant market updates.

Prices Across the Industry Chain Are Temporarily Stable: How to Interpret the Market’s Wait-and-See Sentiment

Temporary price stability first indicates that the industry chain stages covered by this update did not show a clear overall price movement. However, stable quotes do not in themselves mean that market demand, actual transactions, or company profits have also stabilized, nor can the future price direction be inferred from a single market update.

Strong wait-and-see sentiment means that, when assessing the outlook, it is necessary to monitor not only whether published quotes are adjusted, but also whether price changes persist and whether upstream and downstream stages move in sync. If quotes fluctuate in only one stage while others remain stable, the extent to which the change is passed through the industry chain will need to be monitored.

From a procurement and sales perspective, polysilicon, silicon wafers, solar cells, and modules are at different stages, and the prices of interest to each stage are not exactly the same. Changes in upstream raw material quotes may affect downstream cost estimates, while changes in module quotes may influence sales price expectations for related products. However, raw material price changes are not necessarily passed through to modules at the same rate; the specific impact also depends on prices at each stage and the actual transaction terms.

For market participants comparing quotes, product type, specifications, units of measure, and statistical scope are also important. The polysilicon quotes in this update are expressed in RMB/kg, while module quotes are expressed in RMB/W. These reflect price levels for different products and cannot be compared directly based solely on the figures to assess cost changes, nor can they be used to calculate the profit of any particular stage.

Monitor Whether Prices Change on a Sustained Basis

Going forward, the market can continue to monitor the mainstream price ranges for N-type material and N-type granular silicon, the average price of the relevant N-type bifacial TOPCon module specifications, and whether silicon wafer and solar cell prices remain stable. If prices change at any stage, subsequent market updates for other stages should also be considered to determine whether the change is sustained.

What is clear at present is that the market update published on November 12 showed temporarily stable prices across the main stages of the photovoltaic industry chain. When wait-and-see sentiment may shift and whether quotes may change direction will depend on subsequent market performance; a single day’s price information is best treated as one reference point for tracking the market.