Global module prices trend upward in Q2

China: The Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon 600 W modules from China, rose 1.16% to $0.087/W Free-On-Board (FOB) China, with higher price indications between $0.082 and $0.090/W. FOB China Mono PERC module prices remained stable at $0.085/W with indications between $0.081 and $0.088/W.

Q2 2025 loading cargoes rose 1.16% to $0.087/W, with higher values between $0.082 and $0.090/W, while second-half 2025 loading prices were stable at $0.086/W, with indications between $0.085 and $0.090/W. Q1 2026 prices fell 1.15% to $0.086/W, amid weaker indications from $0.082 to $0.090/W, while second-quarter 2026 modules were assessed at $0.085/W.

FOB China TOPCon 450 W modules for spot loading were assessed stable at $0.092/W, with price indications between $0.086 and $0.100/W.

The recent surge in module prices is driven by expectations of an installation rush up to the first half of Q2 2025, following two key solar policy changes announced by the National Development and Reform Commission (NDRC). The first policy, effective April 30, requires industrial and commercial users to prioritize self-consumption of their generated electricity, with any surplus fed into the grid but not in full. The second policy, effective June 1, mandates that newly grid-connected solar projects adopt market-based electricity pricing, while existing and ongoing projects will retain their guaranteed tariffs.

Industry sources suggest that these policies may have a greater impact on distributed PV projects, rather than large-scale solar developments, due to the tight implementation timelines.

Europe: DDP Europe TOPCon 600 W module prices rose by 1% on the week to €0.100 ($0.11)/W, with indications between a low of €0.095/W and a high of €0.108/W for Tier 1 panels.

In contrast, EXW Rotterdam (Western Europe) TOPCon 450W module prices fell by 0.96% and were reported at the average price of €0.103/W with indications between a low of €0.095/W and a high of €0.110/W for Tier 1 panels.

According to buyer sources, some manufacturers have raised prices, while others have held steady. Trading sources told OPIS that major developers with large volumes and framework agreements in place have been the least impacted by the latest price increase, whereas spot buyers with smaller volumes were left facing the steepest increase. “Large portfolio developers have also more flexibility in accepting a few months delay in the module deliveries. For example, FOB April prices are drastically higher than FOB June prices,” a trader said.

Meanwhile, sector federation SolarPower Europe has launched the “International Solar Manufacturing Initiative” (ISMI), backed by eight EU solar manufacturers. ISMI seeks to expand global demand for European-made solar products while revitalizing the EU’s solar manufacturing base. Unlike the Net-Zero Industry Act (NZIA), which promotes EU-made PV materials for regional installations, ISMI adopts an outward approach, encouraging their consumption in international markets.

United States: The spot price for TOPCon 600 W modules DDP U.S. was assessed this week at $0.263/W, down 0.38% from last week, while the spot price for Mono PERC 450 W modules EXW rose 0.63% to $0.319/W.

On a forward-looking basis, OPIS is assessing the cost of TOPCon modules in the first quarter of 2026 at $0.276/W, and Mono PERC modules in the same period at $0.266/W.

Market sources continue to see price quotes for utility scale TOPCon modules DDP U.S. from Laos and Indonesia between $0.21 and $0.24/W. According to buyer sources, Mono PERC modules assembled in the U.S. with imported cells are currently priced between the high $0.20s/W and low $0.30s/W, while a distributor source cited a quote of $0.27/W for U.S.-assembled Mono PERC modules.

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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