Hynix Semiconductor, the world’s second largest memory chipmaker, plans to cut output by up to 30 per cent from late December as oversupply and weak demand drive prices lower.

The South Korean chipmaker joins Asian peers such as Taiwan’s Powerchip Semiconductor and Japan’s Elpida Memory and Toshiba in scaling back production to survive the worst downturn in the industry’s history. But industry leader Samsung Electronics said it had no plans to follow the trend.