China's investigation into the EU's solar-grade polysilicon double-reverse investigation
2023-07-17 07:07:58
Some European companies may have to think twice before exporting Chinese polysilicon. Recently, the Ministry of Commerce announced the final decision on the anti-dumping and countervailing investigation of solar-grade polysilicon exported from the EU to China. Among them, the countervailing duty rate is 1.2%, while the anti-dumping tax rate has two levels. WACKER's dumping margin (ie tax rate) is 14.3%, and the remaining European companies dumped 42%. However, since Wacker Chemie has reached a price commitment with China, it should be exempt from anti-dumping duties.
Overseas polysilicon prices fell sharply
The "double-reverse" investigation began on September 17, 2012. The investigation agency received Jiangsu Zhongneng Silicon Technology Development Co., Ltd., Jiangxi Saiwei LDK Photovoltaic Silicon Technology, Luoyang Zhongchi High-tech and Daxin Energy. The applications of the four companies filed an anti-dumping investigation against imported polysilicon originating in the European Union.
The products to be investigated are polycrystalline silicon produced by using chlorosilane as a raw material and using a modified Siemens method and a silane method. The above four companies accounted for a very high proportion of the total output of similar products in China, accounting for 78.62% in the first six months of 2012, a significant increase from 63.26% in 2008, so they also have a certain say in the industry.
For EU companies, the most representative is the German Wacker Chemical. Other companies involved include Germany's Schmid Group, Joint Solar Silicon, Italy's MEMC Electronic, SILFAB SpA, Estelux Srl and Spain's Siliken Spain.
The production capacity of photovoltaic wafers and photovoltaic modules in China has increased significantly in recent years, and the number of imported polysilicon overseas has also increased.
In 2008, the amount of polysilicon imported from many of these European companies was only 3,932 tons; in the first six months of 2012, it was 9,179 tons. In 2011 and June of 2012, the imported polysilicon market in these regions accounted for 9.66% and 12%.
At the same time, based on the statistics of China Customs, combined with the exchange rate and tariff rate, the investigation authority calculated the selling price of imported products. In 2008, this part of the overseas polysilicon price was 1,589.2 thousand yuan / ton, the price in the first six months of 2012 was 225,500 yuan / ton, the price of such products showed a cliff-like decline.
Imports of dumped imports continued to rise, and prices also fell sharply, impacting similar products in China. In 2008 and in the first six months of 2012, China's polysilicon pricing was 40.99 million yuan / ton, 145,600 yuan / ton, the price decline is also huge.
The Ministry of Commerce's survey also found that although the production and sales volume of domestic polysilicon is growing, the net cash flow and investment yield of operating activities are declining, and the ending stocks are also increasing. Some enterprises' investment and financing capabilities have been affected, so that some The financial and operating status of domestic companies has deteriorated severely and they have fallen into losses.
In 2008, Chinese companies sold about 2,502 tons of polysilicon; in the first six months of 2012, sales increased to 32,300 tons. In the same two periods, sales were 4.813 billion yuan and 4.697 billion yuan respectively. In the case of a sales increase of more than 10 times, domestic polysilicon sales fell. In addition, in the first six months of 2012, the industry's pre-tax profit was -650 million yuan, while the investment yield was -1.49%, the operating rate was 60.28%, and the net outflow from January to June 2012 was 6.7624 billion yuan.
German Wacker survived
Since Wacker Chemie and China have reached a price commitment, the company will not impose anti-dumping and countervailing duties within two years. However, other European companies will impose a 42% anti-dumping duty.
A person in the photovoltaic industry told the "First Financial Daily" reporter that Wacker Chemie's import ratio should be the largest, so whether European polysilicon products have an impact on domestic companies depends on the price quoted by Wacker Chemie in recent years. Although Wacker Chemical did not disclose the price of polysilicon exported to China, the market expects its price to be around US$24/kg, which is close to the current domestic market price of US$22/kg. Therefore, WACKER's products will still be There are "fans" in the country.
Zeng Duohong, an analyst at Orient Securities, believes that the EU's "double-reverse" will eventually bring benefits to China's polysilicon enterprises. On the one hand, polysilicon will continue to improve as demand in the photovoltaic market increases; in addition, the actions of the Ministry of Commerce will also play a role as a stabilizer for the market price of polysilicon, and the competitive landscape will remain at a balance point.
In 2014, the global PV demand is expected to be around 49G watts, and each watt needs to consume 5 grams of polysilicon. If the intermediate circulation inventory is calculated according to 10% to 20%, the demand for polysilicon will be around 270,000 to 294,000 tons, and the demand growth rate will increase by 30. %.
"Because of the large investment in polysilicon, 1000 tons of polysilicon must be at least 700 million to 800 million yuan, and the demand for capital is high. Therefore, the current domestic polysilicon enterprise changes will not be suddenly broken by new competitors. The price of polysilicon is about 22 US dollars / kg, many companies have not really achieved profitability, and there will be no outsiders rushing into the market."
According to data from Orient Securities, as of the first half of 2013, 43 polysilicon enterprises have been put into production in China. At the lowest, only 6 companies are still in production. The rest of the companies have closed production lines, that is, 86% of enterprises have stopped production. In the second half of 2013, the demand for polysilicon has gradually increased, and some manufacturers are also accelerating the increase in capacity utilization. The capacity of TBEA, Grand New Energy and GCL-Poly is almost full this year.
Overseas polysilicon prices fell sharply
The "double-reverse" investigation began on September 17, 2012. The investigation agency received Jiangsu Zhongneng Silicon Technology Development Co., Ltd., Jiangxi Saiwei LDK Photovoltaic Silicon Technology, Luoyang Zhongchi High-tech and Daxin Energy. The applications of the four companies filed an anti-dumping investigation against imported polysilicon originating in the European Union.
The products to be investigated are polycrystalline silicon produced by using chlorosilane as a raw material and using a modified Siemens method and a silane method. The above four companies accounted for a very high proportion of the total output of similar products in China, accounting for 78.62% in the first six months of 2012, a significant increase from 63.26% in 2008, so they also have a certain say in the industry.
For EU companies, the most representative is the German Wacker Chemical. Other companies involved include Germany's Schmid Group, Joint Solar Silicon, Italy's MEMC Electronic, SILFAB SpA, Estelux Srl and Spain's Siliken Spain.
The production capacity of photovoltaic wafers and photovoltaic modules in China has increased significantly in recent years, and the number of imported polysilicon overseas has also increased.
In 2008, the amount of polysilicon imported from many of these European companies was only 3,932 tons; in the first six months of 2012, it was 9,179 tons. In 2011 and June of 2012, the imported polysilicon market in these regions accounted for 9.66% and 12%.
At the same time, based on the statistics of China Customs, combined with the exchange rate and tariff rate, the investigation authority calculated the selling price of imported products. In 2008, this part of the overseas polysilicon price was 1,589.2 thousand yuan / ton, the price in the first six months of 2012 was 225,500 yuan / ton, the price of such products showed a cliff-like decline.
Imports of dumped imports continued to rise, and prices also fell sharply, impacting similar products in China. In 2008 and in the first six months of 2012, China's polysilicon pricing was 40.99 million yuan / ton, 145,600 yuan / ton, the price decline is also huge.
The Ministry of Commerce's survey also found that although the production and sales volume of domestic polysilicon is growing, the net cash flow and investment yield of operating activities are declining, and the ending stocks are also increasing. Some enterprises' investment and financing capabilities have been affected, so that some The financial and operating status of domestic companies has deteriorated severely and they have fallen into losses.
In 2008, Chinese companies sold about 2,502 tons of polysilicon; in the first six months of 2012, sales increased to 32,300 tons. In the same two periods, sales were 4.813 billion yuan and 4.697 billion yuan respectively. In the case of a sales increase of more than 10 times, domestic polysilicon sales fell. In addition, in the first six months of 2012, the industry's pre-tax profit was -650 million yuan, while the investment yield was -1.49%, the operating rate was 60.28%, and the net outflow from January to June 2012 was 6.7624 billion yuan.
German Wacker survived
Since Wacker Chemie and China have reached a price commitment, the company will not impose anti-dumping and countervailing duties within two years. However, other European companies will impose a 42% anti-dumping duty.
A person in the photovoltaic industry told the "First Financial Daily" reporter that Wacker Chemie's import ratio should be the largest, so whether European polysilicon products have an impact on domestic companies depends on the price quoted by Wacker Chemie in recent years. Although Wacker Chemical did not disclose the price of polysilicon exported to China, the market expects its price to be around US$24/kg, which is close to the current domestic market price of US$22/kg. Therefore, WACKER's products will still be There are "fans" in the country.
Zeng Duohong, an analyst at Orient Securities, believes that the EU's "double-reverse" will eventually bring benefits to China's polysilicon enterprises. On the one hand, polysilicon will continue to improve as demand in the photovoltaic market increases; in addition, the actions of the Ministry of Commerce will also play a role as a stabilizer for the market price of polysilicon, and the competitive landscape will remain at a balance point.
In 2014, the global PV demand is expected to be around 49G watts, and each watt needs to consume 5 grams of polysilicon. If the intermediate circulation inventory is calculated according to 10% to 20%, the demand for polysilicon will be around 270,000 to 294,000 tons, and the demand growth rate will increase by 30. %.
"Because of the large investment in polysilicon, 1000 tons of polysilicon must be at least 700 million to 800 million yuan, and the demand for capital is high. Therefore, the current domestic polysilicon enterprise changes will not be suddenly broken by new competitors. The price of polysilicon is about 22 US dollars / kg, many companies have not really achieved profitability, and there will be no outsiders rushing into the market."
According to data from Orient Securities, as of the first half of 2013, 43 polysilicon enterprises have been put into production in China. At the lowest, only 6 companies are still in production. The rest of the companies have closed production lines, that is, 86% of enterprises have stopped production. In the second half of 2013, the demand for polysilicon has gradually increased, and some manufacturers are also accelerating the increase in capacity utilization. The capacity of TBEA, Grand New Energy and GCL-Poly is almost full this year.
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