July 9 (Bloomberg) -- China won’t introduce import duties on polysilicon imported from the European Union, according to the German Economy Ministry.
“The dispute about trade sanctions with China is resolved for the time being,” a spokeswoman with the Economy Ministry who asked not to be named due to ministry policy, said yesterday by phone from Berlin. The decision was reported earlier by the local newspaper Handelsblatt, which cited German Economy Minister Philipp Roesler and Chinese Commerce Minister Gao Hucheng.
China, the world’s biggest maker of solar panels, was preparing to impose anti-dumping duties on polysilicon imports from the EU after completing an investigation that started in October. The material is the main raw ingredient in solar cells.
The move was seen as retaliation after the EU introduced preliminary tariffs June 5 of 11.8 percent on solar panels from China. EU and Chinese officials are negotiating a trade deal, and if no agreement is reached the duties will increase to as much as 67.9 percent next month. A fax to the news department of China’s Ministry of Commerce wasn’t answered.
Wacker Chemie AG, Europe’s largest polysilicon maker, rose 7.9 percent to 62.07 euros at the close in Frankfurt yesterday, a three-month high. China’s Daqo New Energy Corp. slumped 20 percent to $8.35 in New York trading yesterday.
Wacker sees “extremely positive and encouraging” signals from the talks, the Munich-based company said today in an e-mailed statement. “The signals that there might be a negotiated solution in the solar dispute between the European Union and China are extremely positive and encouraging.”
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