(Bloomberg) -- China’s biggest solar wafer producer raised prices on Tuesday, saying it hoped to jolt the industry out of a price war that’s sent some firms into bankruptcy.
Longi Green Energy Technology Co. will increase the prices of two types of silicon wafers by an average of 0.05 yuan ($0.01), to 1.15 yuan and 1.3 yuan, respectively, it said in a statement.
“The price hike aims to push the industry out of a quagmire of low price competition and back to a healthy competitive environment,” Longi said.
China’s solar manufactures have been struggling with a deepening glut and ensuing price war. Longi said in early July that while there might be a small price recovery in about three months, the sector will continue to face tough conditions. Wafer prices fell as much as 6.5% last week, according to the China Silicon Industry Association.
The announcement helped drive an intraday gain of more than 4% in Longi’s shares, which closed up 1.9%.
Meanwhile, TCL Zhonghuan Renewable Energy Technology Co., another solar manufacturer, also said it will raise prices of three types of wafers, Chinese business publication Jiemian reported on Tuesday.
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