Recently, significant divergence has emerged in the supply-demand dynamics and price trends across different segments of the photovoltaic (PV) industry chain. As an important participant in the sector, Multifit Solar is closely monitoring market developments and flexibly adjusting its operational strategies to address the opportunities and challenges presented by these structural shifts.
Upstream Raw Material Segment Under Pressure, Creating a Window for Cost Reduction and Efficiency Improvement
Currently, the upstream polysilicon and wafer segments are facing dual pressures from high inventory levels and weakening demand. Polysilicon inventory has exceeded 510,000 tonnes and continues to accumulate, while wafer inventory also surpasses 22GW. As downstream cell production cuts reduce acceptance of high-priced materials, upstream prices have entered a downward trend. Polysilicon offers have retreated to the range of RMB 53-54/kg, and wafer prices are approaching levels seen before the previous price increases.
Midstream Cell and Downstream Module Segments Supported by Export Demand, Prices Find Footing
In contrast to the upstream situation, the midstream cell and downstream module segments are experiencing robust overseas demand, bolstered by the positive impact of export tax rebate policies. The cell segment, benefiting from proactive production cuts and strong overseas stocking demand, maintains healthy inventory levels, with prices rising passively to RMB 0.41-0.43/W. The module segment has seen rapid inventory drawdown due to accelerated shipments, with leading companies holding firm on offers. Spot transaction prices have generally risen to RMB 0.8-0.85/W, reflecting a market characterized by “stable domestic demand and strong foreign demand.”
Multifit Solar’s Strategic Analysis and Response
In response to the diverging price transmission across the industry chain, Multifit Solar believes:
Cost-Side Pressure is Expected to Ease:
The continued correction in upstream polysilicon and wafer prices will create room for profit margin recovery in midstream and downstream manufacturing. Multifit Solar will continue to focus on optimizing raw material procurement costs and seizing opportunities presented by the cost downturn.
Focus on High-Value-Added Export Markets:
Current overseas demand has become the core driver supporting the momentum of the midstream and downstream segments. Leveraging its global sales network and brand reputation, Multifit Solar will actively respond to overseas orders and optimize its product mix to meet international market demand for high-efficiency, high-reliability PV products.
Prudently Managing Cost and Market Uncertainties:
While cost pressures may ease, challenges remain for the industry, including high prices of auxiliary materials like silver, changes in overseas trade policies, and the sustainability of demand. Multifit Solar will mitigate these through technological iteration to reduce silver consumption, improve operational efficiency, and enhance market risk forecasting to maintain operational resilience and flexibility.
Overall, the PV market is undergoing a short-term structural adjustment.
Multifit Solar will adopt a full industry-chain perspective to dynamically balance procurement, production, and sales strategies, capturing growth opportunities amidst uncertainty. The company remains committed to providing customers with high cost-performance products and services, and working with industry partners to promote the healthy and sustainable development of the PV industry.
Post time: Feb-06-2026