According to Baichuan Yingfu’s market review on November 11, although some companies in China’s PV module market were inclined to raise their quotations, the overall price level remained stable amid fluctuations. Current market demand is weak, and module prices are proving difficult to sustain. In the short term, prices are expected to fluctuate within a narrow range.

Earlier data showed that the mainstream transaction price for TOPCon modules remained at around RMB 0.7/W. This price can serve as a reference for observing the module market, but it reflects transactions from an earlier period and should not be directly equated with all product quotations or transaction prices at the time covered by the market review.

Willingness to Raise Quotations Coexists with a Stable Overall Price Level

Some companies’ willingness to raise quotations indicates an intention in the market to increase prices. The fact that the overall price level remains stable, however, shows that this intention has not yet translated into a significant upward shift in prices overall. The two are not contradictory: companies setting quotations and the market establishing transaction prices are separate stages. Whether changes in quotations carry through to transactions also depends on how willing buyers and sellers are to accept the prices.

Weak demand is key to understanding the current trend. When demand is subdued, buyers and sellers may negotiate more intensely over prices. Even if suppliers are inclined to raise quotations, they must also consider actual transaction conditions. Baichuan Yingfu’s forecast of narrow-range fluctuations in the short term reflects the fact that prices are under pressure to hold steady, while the market review indicates no clear directional change at this point.

What to Watch in Procurement and Sales

For module buyers, reports of higher quotations are worth monitoring, but actual transactions for the relevant products remain a more direct reference. If only a few quotations rise while mainstream transaction prices change little, the impact on procurement costs may differ from the increase in quotations. When comparing prices, it is also important to note whether the figures refer to quotations or transaction prices, and which products they cover.

For module sellers, the key question is whether the willingness to raise quotations can translate into sustained transactions. If quotations subsequently increase but transaction prices continue to fluctuate around their previous levels, there may be limited scope for price increases to pass through. If transaction prices move in line with quotations, the overall market price level may have room to adjust further. These are observations based on the relationship between quotations and price transmission; they do not mean that the subsequent trend is already certain.

For now, price stability is better understood as fluctuations within a certain range, rather than as all transaction prices remaining completely unchanged. A short-term assessment should continue to take into account changes in demand, company quotations, and mainstream transaction conditions. Based on the current market review alone, it would be premature to draw longer-term conclusions about whether this price situation will continue.