Daewoo Intl nabs USD-80m polysilicon supply deal in China - report

Nov 13, 2014 - Korean trading firm Daewoo International Corp (KRX:047050) has won a USD-80-million (EUR 64.1m) contract to supply polysilicon for the production of solar wafers in China, the Korea Times said today.

The deal was signed with Chinese solar firm Dahai New Energy Development and calls for the delivery of the product to an unnamed Chinese solar wafer maker, the newspaper said, citing Daewoo International's senior executive vice president Park Jeong-hwan.

Since the beginning of 2014, Daewoo International has been focusing on expanding its solar modules business, especially in Europe and the US. Now it is turning its attention towards eastern China with the goal to beef up its Shanghai-based unit, Jeong-hwan noted.

Global polysilicon manufacturing capacity is expected to rise to 481,000 tonnes in 2018, surpassing even the upper end of demand projections for 416,000 tonnes, a recent report by GTM Research indicates. The industry may once again face polysilicon overcapacity as early as 2016, according to the researcher.

(USD 1.0 = EUR 0.802)

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