Roth Capital notes that on Monday, the Department of Commerce released final determinations for both antidumping and countervailing duties in the SEA AD/CVD case. With the exception of Cambodia AD and Malaysia AD, rates came in higher-than-expected overall. The higher-than-expected final determinations are incrementally negative for JinkoSolar (JKS) and Canadian Solar (CSIQ) and incrementally positive for First Solar (FSLR), the firm argues. Roth believes non-SEA AD/CVD countries’ cell and module volume has likely been ramping up for quite some time. That said, it expects the next AD/CVD case for India, Indonesia, and Laos to be initiated by the end of Q2 2025.
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