New Energy
Chinese Solar Stocks Surge on Reports of Planned Output Cuts
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Chinese solar stocks jumped on Tuesday after local media reported a major firm was in talks with peers about an industry-wide output cut in a bid to support prices that have hit rock bottom due to oversupply.
Shares of Tongwei Co. rose as much as 10% during morning trading, while Xinjiang Daqo New Energy Co. was up 20% after Securities Times reported, without naming any companies, that a leading polysilicon producer had “communicated” with several other firms about cutting supply. It’s unknown if the production pause would be implemented, the newspaper said.