Shares of Daqo New Energy Corp (DQ), a leading Chinese manufacturer of silicon materials for solar photovoltaic products, surged over 17% in pre-market trading on Tuesday. The sharp rally came after the US Department of Commerce signaled that it is considering revoking anti-dumping and countervailing duty orders imposed on crystalline silicon photovoltaic products imported from China.
The potential removal of these trade duties could significantly boost Daqo New's export opportunities to the lucrative US solar market. Several other major Chinese solar companies, including JinkoSolar and Canadian Solar, also saw their stocks climb higher on the news, reflecting the broader positive impact on the global solar industry.
Analysts view this development as favorable for the solar sector, which has faced supply chain constraints and high costs due to the trade duties. A revocation could potentially lower prices for US solar projects and accelerate the country's transition to renewable energy sources.
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