Market Chatter: Chinese Polysilicon Manufacturers Rally Thursday on Possible Production Curbs

MT Newswires Live10-25

Chinese polysilicon manufacturers saw an extended rally in their share prices on Thursday, bolstered by expectations that China will curtail production to deal with excess supply, Bloomberg News reported Thursday.

This followed a statement by Daiwa Capital Markets on the Ministry of Industry and Information Technology possibly announcing rules limiting polysilicon manufacturers' energy consumption, according to the report.

Dennis Ip, an analyst at Daiwa Capital, told Bloomberg the policy could hasten the retirement of less-efficient polysilicon plants and prevent the restart of already suspended capacity.

Tongwei (SHA:600438) and Xinjiang Daqo New Energy (SHA:688303) saw their stocks jumping as much as 7.9% and 7.4%, respectively, in Thursday's session, according to the report. GCL Technology (HKG:3800) also rose as much as 5.3% on Thursday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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