Sudden surge in European demand sends China solar stocks up
There may be bright days ahead yet for the embattled solar industry as LDK Solar Co. (LDK) and Trina Solar Ltd. (TSL) led gains in Chinese equities traded in New York, sending the benchmark index to the highest level in two weeks, Bloomberg reported today.
Apparently the surge was in response to the world’s largest solar panel maker, US-based First Solar, reporting unexpected growth in demand from Europe.
LDK, the world’s second-largest maker of wafers, surged the most in five months while Trina Solar, China’s fifth-largest solar-panel maker, jumped the most in four months. The Bloomberg China-US Equity Index (CH55BN) of the most- traded Chinese shares in the US rose 1.4 percent to 91.28 at the close of trading in New York, the highest since May 29.
On another positive note, First Solar has announced it will delay the planned closure of its the German plant to meet demand in Europe for its products, Brandon Mitchener, a spokesman for the Tempe, Arizona-based company, told Bloomberg in an e-mail.