October last week, the component market was still light, and prices were mixed during the week.
A leading company raised its quotation in the first half of the week, but few of them followed the rise, because there were many futures contracts, the momentum of the rising transaction price was insufficient, and the overall upward trend was difficult to show. In the last two months at the end of 2025, the rush to install at the end of the year is hard to reappear. According to our research, the domestic component production schedule in November is stable and declining, between 40-44 GW.
TOPCon components rose slightly, with the price at 0.64-0.75 yuan/W. Some head manufacturers lowered the price of 210R version, but the current delivery is mostly pre-signed orders, with fewer new orders. Small and medium-sized manufacturers turned to small versions, and the special price increased, with the quotation as low as 0.54-0.60 yuan/W; the price of high-power components was strong. The price of
BC components increased slightly to 0.69-0.78 yuan/W, the number of 640W + products signed increased, the acceptance of new components by display terminal purchasers increased, and the unit price was concentrated at 0.74-0.77 yuan/W. The price of HJT module is stable at 0.69-0.75 yuan/W, small manufacturers clear the inventory at a low price, and there are special products of 0.64-0.65 yuan/W on the market; some leading manufacturers will increase the production schedule of batteries or modules for large-scale projects in November, and the distributed quotation is still 0.71-0.75 yuan/W. In terms of
production scheduling, the overall production schedule was the same as that in October, with some manufacturers dropping by 0.5-2.0 GW, and the domestic component production schedule was about 40-44 GW. Although it is less likely that the demand for rush installation will increase by the end of 2025, the production schedule will be stable from November to December, and most manufacturers will wait and see flexibly from late November to December or increase the start-up to cope with rush installation.
The distributed market demand was stable, and the acceptance of large-sized components by terminals increased, which led to the shipment; TOPCon large-sized components were favored overseas, and the overseas inventory decreased.
Centralized market demand increased significantly, bidding for 3.3GW this week, mainly driven by the Three Gorges Group project, but the scale of bidding has not reached GW level, and the unit price of enterprise bidding is 0.73-0.82 yuan/W.
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