[PV Module Price Divergence]

The US president has issued a proclamation based on the Commerce Department’s Section 232 investigation, introducing import measures on polysilicon and its derivative products to protect semiconductor and solar supply-chain security. From Dec. 4, 2026, the US will apply a minimum import price mechanism of USD 21/kg for polysilicon, USD 100/kg for ingots and wafers, USD 0.22/W for solar cells, and USD 0.38/W for solar modules. The proclamation also imposes an additional 15% ad valorem duty on relevant polysilicon derivatives, with a 10% rate for UK products and a combined 15% tariff treatment for products from Japan, Korea, Taiwan Province of China, Switzerland, Liechtenstein and the EU. It also authorizes the Commerce Department to establish an onshoring incentive program for US polysilicon, ingot, wafer and cell production. SMM believes the measures, if implemented, would significantly raise the import price floor for solar products entering the US, strengthen the push for domestic manufacturing, and increase compliance and cost pressure on overseas module, cell and upstream material suppliers.