EsA South Korean government delegation testified to the U.S. ITC yesterday that tariffs proposed as part of the the section 201 “safeguarding” review of the solar power industry could lead to an “increase in solar cell prices” that would “bring enormous costs to the U.S. public interest”, Yonhap reports.
The interest of the Korean government is not surprising. South Korea accounted for 22.4% of U.S. solar power equipment imports in the 12 months to October 31, Panjiva data shows. It had been one of the countries that had picked up market share from China after the latter was hit with tariffs. Its notable though that imports from China hit their highest since March 2016 in October ahead of initial decisions were made in the case, as outlined in Panjiva research of November 1.
Source: Panjiva
The largest single supplier in the year-to-date through November 30 to the U.S. has been Hanwha Q-Cells. Its exports climbed 33.9% on a year earlier in the third quarter. Around half its imports come from South Korea, and the remainder from Malaysia. The slump seen in November, when shipments fell to one-fifth of their previous three month levels, is the likely reason for the Korean government’s intervention.
Hanwha was overtaken in November, however, by Chinese manufacturer Trina Solar and its Vietnamese affiliate Vina for the number one spot as they increased their supplies in the past three months by 5.7x their first quarter levels.
Source: Panjiva
