China's quick-growing solar equipment makers, forecast to meet half of glob...
SHENZHEN/SHANGHAI - China’s quick-growing solar equipment makers, forecast to meet half of global demand by the mid 2020s, are ramping up overseas sales to stave off closure after the elimination of government subsidies pushed domestic installations to a five-year low.
“Solar makers are indeed really struggling with over-capacity in the domestic market. But if have to dump the inventory, why not dump it on the overseas market where the prices are better?” a manager involved in the solar business at a major Chinese firm told Reuters. With costs plunging and a subsidy payment backlog exceeding 100 billion yuan , the government last year devised a timetable to reduce subsidies to zero.
Daiwa Securities analysts said some manufacturers have already panicked and tried to dump inventory after prices of some products fell below the costs of higher-grade producers. “We are alive because there are still subsidies,” said a marketing manager at a silicon material firm in the northwest Shaanxi province. “But the cutback will force more silicon suppliers and solar panel makers to close because they cannot maintain cash flow.”Chinese manufacturers faced with over-capacity tend to raise production to be ready to win the customers of fallen rivals. In solar equipment, though domestic installation fell, output rose.
LONGi said it was confident domestic and global demand was enough to justify expansion. It also expects monocrystalline silicon to replace the less efficient polycrystalline silicon, its chairman, Zhong Baoshen, told Reuters, but he said it was getting harder to profit.
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