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.
German Chancellor Angela Merkel’s cabinet approved an aid package worth as much as 40 billion euros ($44.7 billion) by 2038 for the nation’s coal regions, launching a drive to transform chimney-stack economies into high-tech centers.
A spokesman of the Afghan ministry of oil and gas rejected media reports claiming that the country has stopped crude imports from Iran.
Turkey has closed its ports to Iranian oil, fully complying with US sanctions against its main supplier, despite Ankara publicly criticizing the United States’ move to end import waivers and warning of a struggle to tap alternative producers.
The United States is increasing its oil imports from Russia, according to a Bloomberg source, as US refineries clamor for more oil now that refineries oil supplies have dried up.
SteelMint learned in recent conversations with industry participants that Pakistan’s steel market has turned uncertain after its currency hit record low levels.
SteelMint in conversation with market participants learned that Indian HRC import prices from Japan reported decline by USD 15-20/MT in recent booking for July shipments.