SEOUL, KOREA- As the European Union and Chinese solar panel suppliers reached agreement on an anti-dumping dispute, Korea's OCI, the world's largest polysilicon producer, welcomed the news. At 2:28 pm on July 29, OCI's share price rose 2.46 percent to 166,500 won from the previous day's 162,500 won.Solar panel output in China quadrupled between 2009 and 2011, causing a market glut and an eventual downturn of which the global industry is still unable to get out. The European Commission had accused China of dumping its solar panels in Europe at below cost. The latest rise in OCI's share price has to do with the fact that the worries over the company's export outlook due to the lingering trade spat have been dissipated. OCI is exporting 40 to 50 percent of its output to China.
Min Kyung-hyuk, analyst with Kiwoom Securities, said, "After the EU-China dispute has been resolved, it is likely the Chinese government would charge a lower customs duty to EU solar panel exporters. But it wouldn't affect OCI negatively as the company had already been slapped with a lower anti-dumping charge." Earlier on July 18, China's Ministry of Commerce announced that it would impose an anti-dumping duty of 2.4 percent to OCI.
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