Firms offloaded products too cheaply in India.
By The American Bazaar Staff
NEW DELHI: At least four nations were involved in “dumping” solar power equipment into the Indian marketplace, a practice that India contends had devastating consequences on several of its domestic solar companies.
Documents obtained by Bloomberg News indicate that the US, China, Taiwan, and Malaysia all engaged in the practice of “dumping,” which is when companies offload products in outside marketplaces for pennies on the dollar, as way of quickly and efficiently getting rid of products they no longer want or need.
Companies from the aforementioned four countries – including First Solar Corp. and SunPower Corp., the two largest solar power companies based in the US – sold products for as little than less the normal market price, enticing consumers with prices that were simply too good to resist.
By selling these products so cheaply, they dominated the marketplace, and made it so that other companies, particularly domestic ones, have a hard time selling their own similar products. According to the report, India’s Minister of Commerce and Industry estimates that at least 20 companies were doing this over the last couple of years.
Bloomberg reports that the First Solar Corp. denied engaging in any kind of dumping, while SunPower Corp. and Canadian Solar Inc. declined to comment.
India commenced an anti-dumping investigation in November of 2012, uncovering evidence of the practice throughout the country. The Ministry of Commerce will announce whether or not they will impose any kinds of sanctions or duties on the import of such products on or before May 22 – just over a week away.
1 Comment
Cheating and lying Yanks!