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.
SteelMint learned from industry participants that imported scrap market in Bangladesh has maintained silence in terms of trades since last two weeks’ time.
Luxembourg-based steel pipe producer Tenaris has agreed to buy US-based Ipsco Tubulars from from Russian steelmaker TMK for $1.2bn.
The US administration today imposed sanctions on Venezuelan state-owned National Development Bank (Bandes) and other financial institutions to protest the arrest yesterday of a top aide to Juan Guaidó, whom Washington recognizes as the country's interim leader.
US automakers this week announced more than $1.1bn in investments into electric vehicle (EV) production plants, expanding on the recent trend.
Established companies offer the greatest potential for digital transformation. However, traditional industrial companies are too focused in the concentration of their digitisation strategy on optimisation of the processes used in their existing business.
63rd Austrian Foundry Conference in Schladming from April 11th-12th