In October 2025, the domestic operating rate of Chinese PV cell manufacturers stood at 59.4%, down 0.8% from September. The overall operating rate of the China's PV cell industry experienced a slight month-on-month decline in October. The monthly cell output reached 56.93 GW, largely aligning with production plans set at the beginning of the quarter. However, significant structural disparities were observed. In terms of costs, although wafer prices showed some localized easing, the prices of key auxiliary materials such as silver paste remained elevated. Coupled with continued price pressure from the module segment, most manufacturers operated at minimal profits or even losses, further dampening expansion intentions.
Looking ahead to November, as the delivery peak for utility-scale projects in Northern China gradually concludes and terminal installations enter the traditional off-season, demand support for PV cells is expected to weaken. Additionally, with industry inventories still at high levels, particularly for 210R N-type cells, the overall operating rate in November is projected to decline further.
According to Mysteel forecasts, the operating rate for PV cells in November 2025 is expected to be around 57.3%, a decrease of 2.1% compared to the previous month.
Edited by Cassie Li, lixiangying@mysteel.com
