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Weekly Price Analysis – Edition 9th Nov 2020

Indian Cell and Module Market – Current Demand & Supplies

The global solar supply chain can have severe impacts once again in the times to come due to rising numbers in COVID patients in markets like EU, USA and India. The factors like rising input costs like silver paste, PV glass, EVA, now aluminium frames, RMB & dollar exchange rate coupled with sluggish demand due to resurgence of COVID numbers have been playing a spoilsport at the moment for the solar industry.  The prolonged uncertainties due to BCD have long term negative impacts on Indian solar market. 

Imported Supplies

The prices of imported 18.6% to 18.9% efficiency multicrystalline solar cells are revolving around USD 0.31 per pc FOB China basis whereas the mono PERC Cells can be procured in price range of USD 0.0950 to USD 0.1025 per watt FOB China basis. The imported 335/340 watt multicrystalline PV modules are available in the range of USD 0.174 to USD 0.176 per watt FOB China. The prices of mono PERC 420 watt and above modules are in the range of USD 0.215 to USD 0.222 per watt FOB China basis. There is severe pressure on Chinese module manufacturers to review the modules prices due to sharp rise in input costs like PV glass and EVA.  

Local Manufacturing

The local manufacturers of solar modules in the country have been grappling with large inventories for DCR and non DCR PV modules seriously impacting the working capital flows. The expansion plans of existing module makers have also been getting delayed due to slow movement of stocks at the moment. Waaree is yet to finalize the procurement of machines & equipment for its green field solar cell line project. 


The demand for DCR and non-DCR of modules has still remained sluggish during this period considering delay in implementation of Govt tenders and COVID conditions respectively. However, the DCR solar cells demand during this period remained intact lately in spite of slow off take of DCR modules  in Gujarat. The demand for DCR cells and modules under the CPSU scheme has still not picked up yet. The demand from private captive as well as large ticket developer projects has still eclipsed with uncertainty of BCD announcement.  

Impact on Solar Cells and Solar Module Pricing

Considering the dollar exchange rate to remain between Rs. 73.50 to Rs. 74.50, non-DCR indigenously made 330/335 watt modules are priced in the range of Rs. 16.00 to Rs. 16.50 per watt by top Indian module manufacturers. The price of 370/380 watt mono PERC locally manufactured non-DCR modules is between  Rs. 18.50 to Rs. 19.50 per watt.  The increase in input costs of PV Glass and EVA have put tremendous pressure on the PV module manufacturers to increase the module prices further. 

See you next week for the next analysis of the prices. Stay at work safely. Best Wishes. 

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