Hemlock Semiconductor continued to report positive financial results in the third quarter of 2013, despite the imposition by China of anti-dumping duties on imported polysilicon, notably from the US.
According to a Dow Corning financial statement, Hemlock Semiconductor’s business “tracked positively despite continued pricing and volume pressure” in the quarter.
J. Donald Sheets, Dow Corning's CFO said: “Hemlock Semiconductor’s polysilicon performance continued to track positively despite pricing and volume pressure as the solar industry deals with excess capacity and awaits resolution of the global trade disputes.”
Dow Corning reported combined sales of US$4.12 billion and net income of US$267 million through the first three quarters of 2013. Dow Corning’s year-to-date sales were down 11% and net income 25%, compared to 2012.
Third quarter sales were US$1.43 billion, 8% lower than last year’s third quarter.
Excess polysilicon capacity is keeping ASPs down, despite increased utilisation rates across the supply chain as key markets such as China, Japan and the US are booming.
NPD Solarbuzz recently made significant upward revisions to its PV market growth projections, although manufacturers remain highly cautious about adding significant new capacity in 2014.
Polysilicon prices are expected to track upwards to towards US$20/kg in 2014, though no consensus exists as to whether a shortage of polysilicon could develop next year, should forecasts of 50GW and above of global PV demand materialise.
Hemlock has currently mothballed its new polysilicon plant in the US until market demand dictates opening it.