Shares of Daqo New Energy Corp, a leading manufacturer of silicon materials for solar photovoltaic products, surged over 13% in pre-market trading on Tuesday. The rally came after the US Department of Commerce signaled it is considering revoking anti-dumping and countervailing duty orders imposed on crystalline silicon photovoltaic products imported from China.
The potential removal of these tariffs could significantly boost Daqo New's export opportunities to the lucrative US solar market. Other major Chinese solar companies like JinkoSolar and Canadian Solar also saw their stocks jump higher in pre-market trading on the news.
Analysts view this as a positive development for the global solar industry, which has faced supply chain constraints and high costs due to the trade duties. A revocation could lower prices for US solar projects and accelerate the country's transition to renewable energy sources.
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