According to the latest survey from Antaike, silicon wafer prices have remained broadly stable this week. The average transaction price for N-type G10L monocrystalline wafers (182*183.75mm/130μm) came in at 1.12 yuan per piece, while N-type G12R wafers (182*210mm/130μm) averaged 1.14 yuan per piece, and N-type G12 wafers (210*210mm/130μm) settled at 1.22 yuan per piece—all unchanged from the previous week.

Industry surveys indicate that downstream cell prices ticked down slightly week-on-week, while module prices held flat. Mainstream cell prices are currently in the 0.32-0.34 yuan/W range, reflecting a 2.94% decline from last week, whereas module prices remain stable at 0.69-0.71 yuan/W.

Trading activity in the wafer segment has been subdued this week, with the broader market adopting a wait-and-see stance. On the supply side, policy expectations and a short-term rebound in demand have bolstered wafer manufacturers' confidence, strengthening their resolve to hold prices firm. On the demand side, however, domestic end-market installations remain resistant to cost increases passed down the supply chain. The industry's supply-demand dynamics have yet to improve, and as the window for Section 232 policy measures draws to a close, restocking demand is gradually fading. This has weighed on overseas demand, triggered a downward trend in cell prices, and dampened overall market sentiment.

With upstream players turning optimistic and downstream participants growing cautious, buyers and sellers entered a phase of deadlocked negotiation this week, preventing wafer prices from extending last week's upward momentum.

Factory utilization rates across the industry have held steady week-on-week, with no notable shifts. The two leading companies are running at 52% and 54% utilization, integrated manufacturers are operating in the 56%-60% range, and other players are between 50% and 78%.

Looking ahead, no major producers have announced output cuts or load reductions. Unless a significant demand catalyst emerges, the wafer market is likely to trend weak in the near term. Key factors to monitor going forward include the pace of end-demand recovery and the outcome of price negotiations for upstream polysilicon.