Although polysilicon duties on imported material from the US and South Korea have been introduced, China’s largest producer of polysilicon, GCL-Poly has warned of higher than expected losses for the first-half of 2013.
The company said in a financial statement that it expected to record losses higher than in the same period of 2012. GCL-Poly posted losses of HK$330 million (US$42.5 million) in the first-half of 2012.
GCL-Poly said that the further losses were due to the decline in polysilicon and wafer ASPs as well of expected but undisclosed impairments to be made on assets and inventory for the period.
The company noted that since December, 2012 ASPs had bottomed and that the introduction of import duties on polysilicon and efforts by the Chinese Government to consolidate polysilicon companies by closing the most inefficient and polluting should have a positive impact on pricing in the near future.