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.
In recent conversation with industry participants SteelMint learned that steel mills in Bangladesh have turned active for bulk bookings. It is learnt that 2 bulk cargos for ferrous scrap were booked recently from USA and Japan, to Bangladesh
The global billet market remained sluggish this week, as Turkish imported scrap prices have witnessed a drop amid limited deals. However market remained abuzz with recent billet bookings by China from Iran and Qatar made in last couple of weeks.
Global ferrous scrap prices observed mixed trend this week. Turkey observed softening on a standoff between buyers and sellers which has resulted in a sharp correction in global offers towards the closing of the week.
China's Caofeidian port in Tangshan, Hebei province, has put a freeze on customs declarations for all imported coal with effect from 16 July, stoking fears that similar restrictions will be placed on other north China ports.
A court in Egypt has overruled objections by the government to the overturning of steel billet import sanctions, meaning the 15pc duty cannot be charged.
In the first quarter of 2019, the global gold market continued to recover from the two-year lowest average price point of $1,213/ozt recorded in Q3 2018, rebounding to $1,304/ozt in Q1 2019, the second consecutive quarter of growth.