N-type wafer prices have fallen for four straight weeks: M10 and G12 wafers are down approximately 8.5% and 6.6% respectively since late October, driven by weak end-demand, inventory concerns, and year-end cash flow pressures prompts manufacturers to cut prices to speed up shipments. Wafer makers have been loss-making for over two years, prioritizing cash preservation, while stricter storage requirements (due to environmental sensitivity) and shifting downstream size preferences limit inventory tolerance, forcing stock minimization.
Most producers have scaled back output, with operating rates at 50%-70%; even a major OEM-focused maker (previously 80% capacity) has cut production amid sliding OEM orders, a sign of muted end-demand. Talks of export tax rebate cuts (once seen as a potential price driver) have stalled, with near-term or mid-2026 changes deemed unlikely.
Southeast Asian ingot/wafer facilities run at low utilization, with some wafers shipped to the Philippines/Ethiopia for cell/module production bound for the US. Egypt and Oman are emerging as new solar cell hubs, with 2026 capacity additions expected to become key destinations for Southeast Asian wafer exports.