Solarworld AG climbed the most in more than a year in Frankfurt trading after the U.S. sided with Germany’s biggest solar-panel maker by imposing tariffs of as much as 250 percent on Chinese rivals’ products.
Solarworld advanced as much as 18 percent, the biggest intraday gain since March 15, 2011, after the U.S. Commerce Department yesterday imposed preliminary antidumping duties of 31 percent to 250 percent on Chinese manufacturers after ruling they sold products below cost. The decision followed complaints from the industry including the U.S. unit of Solarworld.
The U.S. decision “is a first step so that we can return to fair competition based on technology,” Chief Executive Officer Frank Asbeck said today by phone. “It’s a signal for Europe, where we plan to file a similar complaint at mid-year.”
Solarworld gained 15 percent to 1.759 euros by 12:50 p.m. in Germany, valuing it at 196.5 million euros ($250 million).
The U.S. ruling followed a complaint by companies that argued Chinese peers including Suntech Power Holdings Co., the world’s largest solar-panel maker, and Trina Solar Ltd. benefit from state subsidies allowing them to sell products below cost.
The import duties on Chinese solar panels will raise their price to $1.11 a watt, according to calculations by Bloomberg New Energy Finance. That’s 17 percent higher than the current spot price of non-Chinese panels, Jun Ying, a Beijing-based analyst for the researcher, said in an e-mailed statement today.