Career Articles - China Economy
Power Giants Call for Electricity Price Rise
China Economy - Power & Electricity
China's five leading power companies - China Datang Corporation, China Huaneng Group, China Hudian Corporation, China Power Investment Corporation (CPI) and China Guodian Corporation have all handed in their application to the National Development and Reform Commision (NDRC) for raising electricity prices in areas whrer coal prices have soared recently.
This is the third such action made by the power industry to the government. Since the first two petitions, made on their behalf by the China Electricity Council (CEC), went unanswered, the companies decided to strike out alone.
In 2005, the Chinese government created a peg between coal and electricity prices,stipulating that the latter should rise or fall following average coal prices within a 5 percent bracket for a half-year period. In line with this,China altered its electricity prices in 2006 and 2007.
Zhou Fengqi, an expert with the NDRC's Energy Research Institute,explained that the government had not raised power prices for several reasons. First of all, all average prices have soared producing a 4.4 percent CPI hike. Secondly, a power shortage is not an issue this year, given the excess electricity output produced. Perhaps here lies the NDRC's reluctance to raise electricity prices. - China Economy - From China.org.cn July 25,2007
China to Import 355 Million Tons of Iron Ore Next Year
China Economy - Iron Ore Import
China will import the bulk of the world's increasing demand for iron ore next year, with imports expected to rise by 30 million tons to 355 million tons in 2007, an industry report says.
The China Iron and Steel Association(CSIA)predicted that international demand and supply would remain stable next year.
China's largest steelmaker, the Baosteel Group, has settled the iron ore price for 2007, at a 9.5% increase from last year, with the major iron ore producers, including Brazilian Companhia Vale do Rio Doce(CVRD)
Luo Bingsheng,executive deputy president of CSIA said the price reflected market conditions,and China had made a headway in taking the lead in negotiations for the first time.
China's domestic iron ore output rose sharply in 2006,easing the tight market situation. Official figures show large mines produced 521 million tons in the first 11 months, and increase of 38.2% on the same period last year.
He estimated China would import around 325 million tons of iron ore this year,a rise of 18.2% year-on-year,much lower than the 30% growth since 2003.
CSIA also released the industry threshold,together with the China Chamber of Commerce of Metals,Minerals and Chemicals Imports and Exports,saying the registration capital of iron ore import enterprises should reach 20 million yuan, with good credit ratings and storage capacity. - China Economy - Beijing,China Xinhua Angency
Steel Association: Four Steel Bases Required
China Economy - Steel Industry
Four steel production bases should be created in China,according to Luo Bingsheng,deputy chief of the China Iron and Steel Association,Securities Times repported on July 26 2007.
These production bases should be located in Northeast China with Anshan Iron and Steel Group and Benxi Iron and Steel Group at the core, North China with Shougang Group and Tanggang Group at the core, East China with Baosteel Group and Magang Steel Group at core, Southwest China with Wuhan Iron and Steel and Panzhihua Iron and Steel Group at the core.
Luo said that steel enterprises'size is of utmost importance if they want to improve competitiveness by optimizing productivity layout and labor division.
The industrial concentration of China's steel sector is very low. Currently, China has more than 760 steel producers with a total production of 400 million tons in 2006,ranking first all over the world. But only 21 producers have an annual output of more than five million tons.
Arcelor Mittal, the world's largest steel company,produced more than 120 million tons in 2006,more than five times of China's biggest producer. - China Economy - China Daily July 26,2007
China's Gold Production Up 11 % in First Five Months
China Economy - Gold Production
China produced 98.89 tons of gold in the first five months of this year,up 10.096 tons or 11.37 % from the same period last year, according to the China Gold Association.
The January-May output of Chinese gold enterprises reached 25.8 million yuan(US$3.4 million),representing a 43% increase from the same period last year.
These enterprises made a combinded profit of 2.8 billion Chinese Yuan, up 33% over the same period last year.
Gold products output in the first five months amounted to 50.35 tons nationwide, up 19.46%.China's gold industry has entered a period of fast growth on robust domestic demand.
Annual gold production nationwide stood at 240 tons in 2006, up 32.6% from 2001, while profits more than quintupled to reach 6.1 billion Chinese Yuan last year. China would boost its gold production by 8.3% to 260 tons this year, on China Economy.
Report by Xinhua News Agency July 10,2007
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