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New Round of Joint Production Cuts in CN Photovoltaic Glass Industry; Main Glass Futures Contract Soars 6%
Recommend 26 Positive 50 Negative 22 |
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As the market anticipated production cuts in photovoltaic glass industry in Mainland China, related photovoltaic stocks listed in Hong Kong FLAT GLASS (06865.HK) shot up 11.6% to HKD9.84; XINYI SOLAR (00968.HK) and XINTE ENERGY (01799.HK) each jumped up 7.6% and 8.8%; and XINYI GLASS (00868.HK) rallied 5.8%. The main glass futures contract added 6% to RMB1.048 per ton, Chinese media reported. Leading domestic photovoltaic glass companies, according to smm.cn, plan to collectively axe production by 30% starting in July to break the “involution” competition. The mechanical equipment team at Guolian Minsheng Securities assumed that prices at various stages of the industry chain are at historical lows, and the industry is in a clearing process of excess supply, Cailian Press reported. Coupled with photovoltaic policies exerting force from both the supply and demand sides, the industry is expected to see supply-demand improvement by 2025. AASTOCKS Financial News Website: www.aastocks.com |
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