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China’s GCL-SI exits EU Price Undertaking too

China’s GCL-SI exits EU Price Undertaking too

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Chinese solar products supplier GCL System Integration Technology (SHE:002506) has joined the growing list of companies withdrawing from the the European Union (EU) Price Undertaking.

The company’s president, Shu Hua, said on Monday it has decided to exit the agreement so that it could beef up its competitiveness.

In late 2013, the EU imposed definitive anti-dumping (AD) and anti-subsidy (AS) duties on solar cells and modules imported from China and then agreed a fixed minimum import price (MIP) with Chinese manufacturers. For GCL-SI, the rates of AD and AS duties were 41.3% and 6.4%, respectively.

GCL SI has now determined that the current MIP no longer reflects today’s actual market price environment because average selling prices for solar modules are going down in all major EU markets.

“The MIP actually hinders the cost competitive Chinese manufactures from providing more clean energy products to the European market and therefore the MIP hinders even more job opportunities while Europe is in a huge demand of the clean energy right now,” Shu Hua commented.

Other major Chinese manufacturers to withdraw from the EU Price Undertaking include JinkoSolar (NYSE:JKS), JA Solar Holdings Co Ltd (NASDAQ:JASO), Trina Solar Ltd (NYSE:TSL) and Wuxi Suntech Power Co Ltd.

source-renewables.seenews

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Anand Gupta Editor - EQ Int'l Media Network

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