February 24 (Renewables Now) - South Korea’s Hanwha Solutions has decided to pull out of the local solar-grade polysilicon business due to high manufacturing costs and low returns.
The company, following the footsteps of its rival OCI Co Ltd (SEO:010060), announced on February 20 that it will discontinue its polysilicon business within a year.
Earlier this month, a Hanwha Solutions official told The Korea Times that other polysilicon makers around the world feel the same market pressure due to oversupply from China, which is driving the prices down.
This month, OCI announced plans to close its solar-grade polysilicon factories in South Korea for an unspecified period and shift its focus to electronic-grade polysilicon. The company will continue to run only its solar-grade polysilicon operation in Malaysia.