Solarworld Rises as China Trade Complaint Nears
Solarworld AG (SWV), Germany’s biggest panel-maker, rose to its highest in three weeks after the company said it’s working on an anti-dumping complaint against Chinese competitors with the European Commission.
Solarworld rose as much as 4.4 percent, to 1.41 euros a share in Frankfurt trading after saying it’s part of a group of European solar companies that will make an announcement on the issue at the end of the week.
“Together with several European solar companies, SolarWorld is working on a complaint against dumping prices of Chinese manufacturers,” Milan Nitzschke, a spokesman for Bonn- based Solarworld, said in an e-mail late yesterday. “An action of the EU on behalf of fair competition and the rules of the EU is urgently necessary.”
The comments highlight growing tensions with China over its aid for renewable-energy companies. A similar filing in the U.S., led by Solarworld’s U.S. unit, resulted in preliminary anti-dumping duties on Chinese solar manufacturers after the U.S. Commerce Department in May ruled they sold products below cost.
China’s solar companies are preparing a response to a possible anti-dumping complaint. Representatives from about 40 domestic companies will outline their stance tomorrow, according to a statement on the website of China’s Ministry of Foreign Affairs.
The Wall Street Journal reported yesterday that Solarworld filed the complaint with the commission yesterday. Nitzschke declined to comment on the article or a date of the filing, saying that Solarworld is “constantly in contact with the European Commission.”
“Condition for the complaint is that all preparations within the community of the European manufacturers are completed,” he said. “At the end of the week the group of companies will publish an announcement on this issue.”
Germany’s Environment Minister Peter Altmaier said July 19 that the country would support the Commission if it were to start an anti-dumping procedure.
Solarworld will want to show an overwhelming majority of producers support the measure so that the European Commission finds reasons to hear the case, a team of Jefferies Group Inc. analysts said in a note to investors on June 28. The case may start 45 days after a complaint is filed, they said.
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