BusinessKorea had reported in mid-February South Korean polysilicon manufacturers OCI and Hanwha Chemical were considering withdrawing from the polysilicon market, a move forced by price pressure and customs duty.
Hanwha made its entry into the polysilicon sector in April 2011 and helped raise South Korea’s poly production capacity from 10,000 to 15,000 tonnes in 2015. Since then, South Korean poly production capacity has been stayed at that level.
OCI and Hanwha account for a combined 15% of the global poly production capacity and reply on the vast Chinese market for their sales and profits.
In mid-January, China’s Ministry of Commerce announced it would extend anti-dumping duties imposed on U.S. and Korean polysilicon products for another five years. This means that OCI and Hanwha remain subject to an AD of 4.4% and 8.9%, respectively, that has been in place since 2017.
Having lost its competitiveness in the competitive market, Hanwha has no choice but drop out of the market. Having said that, this move would allow the company to adjust its focus of operations.
Source: PV Men
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