News on South Korea

News on suppliers, market trends and technology innovations in polysilicon and wafer production is selected, assessed and written for you by Bernreuter Research.

Wacker’s integrated chemical factory in Burghausen, Bavaria

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Strongly reduced demand for solar-grade polysilicon due to the Covid-19 pandemic and lower prices have left their mark in the financial figures of Wacker and OCI for the second quarter.

Sales, operating income/loss and EBITDA of OCI’s Basic Chemical division (including polysilicon) from Q1 2019 through Q1 2020

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South Korean chemicals group OCI reduced the operating loss of its Basic Chemical division, which features polysilicon as main product, by 61% in the first quarter after closing its factory in Gunsan in February.

Polysilicon EBITDA margins of Daqo, OCI, Wacker and REC Silicon from Q4 2018 through Q4 2019

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After doubling its production capacity, China-based polysilicon manufacturer Daqo has reached record-low manufacturing costs (including depreciation) of $6.38/kg and cash production costs of $5.47/kg.

Chemical factory of Hanwha Solutions/Chemical Corporation in Yeosu, South Jeolla province, South Korea

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Following fellow manufacturer OCI, Hanwha Solutions/Chemical Corporation has also decided to abandon its solar-grade polysilicon business in South Korea.

Polysilicon EBITDA and Operating Margins of OCI and Wacker from Q1 2018 through Q4 2019

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The Korean polysilicon manufacturer OCI abandons a market volume of 50,000 tons despite a competitive electricity rate for its plant in Malaysia. Johannes Bernreuter, Head of Bernreuter Research, comments on the decision.

OCI’s polysilicon plant in Gunsan, South Korea

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The price pressure from low-cost Chinese plants forces OCI, the world’s third-largest polysilicon manufacturer, to stop producing solar-grade polysilicon at its factory in Gunsan, South Korea.

2020 tariffs on polysilicon imports from the USA and South Korea into China

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The Chinese Ministry of Commerce (Mofcom) announced on January 19 that the duties on polysilicon imports from the United States and South Korea will remain unchanged for another five years until 2025.

Polysilicon EBITDA margins of OCI, REC Silicon and Wacker from Q3 2018 through Q3 2019

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Polysilicon makers OCI, REC Silicon and Wacker all landed in red territory in the third quarter. Operating EBITDA margins ranged from -3.4% (OCI) to -9.3% (REC Silicon) to -13.3% (Wacker).

Polysilicon EBITDA margins of OCI, Wacker and REC Silicon from Q2 2018 through Q2 2019

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Polysilicon makers OCI, Wacker and REC Silicon all returned to black EBITDA figures in the second quarter. The margins ranged from 6.8% (OCI) to 3.4% (Wacker) to 1.1% (REC Silicon).

Hankook Silicon’s polysilicon plant in Yeosu, South Jeolla Province, South Korea

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On June 10, a court in Seoul decided to terminate the rehabilitation proceedings for Hankook Silicon after two attempts to sell the Korean polysilicon manufacturer failed.