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TrendForce’s latest research shows that demand for NAND Flash stayed strong in November 2025, fueled by AI applications and solid enterprise SSD orders. Meanwhile, suppliers continued to focus on capacity for high-margin enterprise and premium products, while old-node capacity was quickly phased out.
This led to a further tightening of wafer supply, causing November contract prices for mainstream wafers to rise sharply. Monthly average price increases varied from 20% to over 60% across all product categories, with the surge quickly expanding to all density segments.
A detailed analysis of November's pricing trends reveals that 1Tb TLC experienced the most significant shortage due to persistent enterprise SSD demand, causing a sharp increase in average prices. The 512 Gb TLC, affected by the faster phase-out of legacy nodes and sustained market demand, saw the largest price hike among all TLC products, rising over 65% MoM. Additionally, the 256 Gb TLC continued to see substantial price growth as supply shortages re-emerged after further legacy-node shutdowns.
The QLC supply chain became much tighter thanks to strong demand for high-capacity enterprise products and increasing shipments for cold-storage applications, with 1Tb QLC experiencing significant price hikes in November. MLC products also continued to see rising ASPs, supported by steady demand in industrial control and consumer markets.
TrendForce reports that suppliers currently have significant pricing power, and wafer-level supply shortages are unlikely to improve soon. Consequently, contract prices are projected to keep rising in December.
