PV indexes show us today that PV Module prices are still relatively stable, but Cell prices are falling. I see two reasons:
1) Tier 1 module producers increase cell share production in their vertical structure. CSIQ as an example. Hence no need to buy more cells than before.
2) Delay in China H2 installation boom. Which now, after National Energy Administration (NEA) finally approved subsidies for solar power projects equal to 22.79 GW, should start very soon.
Canadian solar, for instance, having Modules sales in China only at the level of 10%, benefits again, like in 2018, from cells depreciation.
Next ER in August will show us again substantial margin increase, because of cheap Chinese components (cells).