Yingli off 3% on antidumping duties aftermath
11:11a ET July 28, 2014 (MarketWatch)
Yingli off 3% on antidumping duties aftermath
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- U.S.-listed shares of Yingli Green Energy Holding Co Ltd. fell more than
3% on Monday as the company said it was "committed" to the U.S. market even after the U.S. government imposed hefty antidumping tariffs on the company and others.
The Commerce Department on Friday said Yingli (YGE) and other companies shipped solar products to the U.S. at below cost and slapped on duties ranging from 10.74% to 55.49%. Those tariffs are on top on last month's anti-subsidies tariffs.
On Monday, the Chinese government spoke out against the decisions, saying they risk damaging the solar industry in the U.S. and in China.
GTM Research said last month the price of Chinese-made solar panels will likely increase 14% on average, just taking into consideration the June anti-subsidies tariffs. Some Chinese companies may decide to bypass the U.S. market, it added.
Cheap and plentiful solar products from China have fueled the boom in rooftop solar-power systems.
Yingli, a top maker of solar panels, said the duties will "increase the price of solar energy in America," jeopardizing the industry's growth.
Yingli's U.S.-listed shares declined 3.4%. U.S.-listed shares of JA Solar Holdings Co. (JASO) were off 1%, while U.S.-listed shares of Trina Solar Ltd. (TSL) advanced 1.7%.
U.S.-based panel makers also gained, with First Solar Inc. (FSLR) up 2.9%. Solar installer SolarCity Corp. (SCTY), which recently bought solar panel maker Silevo, declined 2.7%.
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