China’s state-owned State Grid Corp promised further power price reductions for industrial and business users to support the economy, the company said on Sunday.
The state-backed company said in a statement on its website that it plans to offer a 10% price reduction in the average electricity price.
State Grid will start the price cut in April, state news agency Xinhua reported on Sunday.
Factory activity in China contracted to a three-year low in February as export orders fell at the fastest pace since the global financial crisis, highlighting deepening cracks in an economy facing weak demand at home and abroad.
China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 30 years due to softer domestic demand and a trade war with the United States.
According to customs data maintained with SteelMint, bulk Indian pig iron export volumes have come down sharply by 50% in FY19. India has exported 221,260 MT pig iron in FY’19 as against 446,250 MT in FY’18. In the month of March pig iron exports from India recorded at 50,000 MT against nil from the previous month.
As per sources, one of the world's largest steel producer and a leading Russian metal company Magnitogorsk Iron and Steel (MMK) has doubled its metal shipments to Vietnam in CY18 as compared to CY17.
Indian Steel industry observed average inquiries during the Week-15 (9th to 13th Apr) owing to election mood in the country. In context to supply scenario, the production of Semis & Finished steel products more or less on same proportion, this led to volatility in prices.
Major global scrap markets observed price correction on weak demand globally. Turkish steel mills booked cargoes at lowered prices amid subdued steel demand. Japan's monthly Kanto tender for Apr'19 fetched bids lower by USD 15 against last month.
The Director General of Isfahan Provincial Crisis Management Department, accompanied by a host of crisis managers from governor’s offices in the province, toured the production lines of Mobarakeh Steel Company and hailed MSC as a leading company when it comes to cutting water consumption.
Anti-dumping duty on imports of Ductile Iron (DI) pipes further extended till 09th May 2019, as per recent notification by Indian government.