China’s Installed Wind Power Capacity Surges 101% in H1
August 26, 2009
China’s on-grid wind power capacity surged 101% year on year to 11.81 million kilowatts in the first half of this year, the official Xinhua News Agency reported.
The surge in installed wind power capacity reflects the country’s effort to increase its reliance on renewable energy, said Shu Yinbiao, vice general manager of the State Grid Corp. He added that the State Grid is actively carrying out other programs to promote the development of new energy. The works include the construction of a research center for wind and solar power generation.
Shu suggested the government map out a long-term wind power development plan, launch new national technical standards for new energy and enhance the accurate prediction of power generation.
China’s wind power sector has developed fast in recent years due to the government’s supportive measures. The country’s installed wind power capacity amounted to 12 million kilowatts as of the end of 2008, ranking fourth in the world following the U.S., France and Spain.
Source: Xinhua.net
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China imports record volume of iron ore in March
April 17, 2009
April 14 (Xinhua) — China’s steel industry overestimated the country’s demand for iron ore and as a result imported a record high amount of the material in March.
A surge of domestic steel output and price increases in the beginning of 2009 raised market expectations. Many domestic steel mills and traders increased orders for iron ore in February and March as they anticipated demand would continue growing, said Liang Shuhe, deputy-director with the Foreign Trade Department of the Ministry of Commerce (MOC), at an industry conference in the port city of Tianjin Monday.
China’s iron ore imports topped 52.08 million tonnes in March, setting a monthly record high. It beat the last record which was just set in February. That’s when the country imported 46.74 million tonnes of iron ore.
In the first quarter, China imported a total of 130 million tonnes of iron ore. In 2008, iron ore imports totaled 440 million tonnes.
“The imports in March mostly came from orders made in February. Iron ore was priced at 80 U.S. dollars a tonne then, but dwindled to 60 U.S. dollars a tonne now. It means huge unrealized losses for steel mills and traders who betted on price hikes,” said Du Wei, an analyst on iron ore with Umetal.com.
Those unrealized losses for the 52.08 million tonnes of iron ore imported in March could be about 1 billion U.S. dollars, Du said.
Liang said iron ore prices were hinged to steel prices.
“Domestic steel prices have dropped and will further dwindle. Thus it’s inevitable for iron ore prices to go down,” Liang said.
Iron ore stockpiled at ports stood at 70 million tonnes in March, nearing a historic high, according to anonymous sources within the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters.
Due to declining iron ore prices, an increasing number of domestic iron ore mines are closing down, said Zhang Ye, deputy-general-manager of China National Minerals Co., Ltd.. No specific figures were available.
“About 90 percent of China’s iron ore mines are suffering from losses,” Du said. “Steel is a kind of product that could be recycled and thus its scarcity could not be exacerbated in the long term.”
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World’s main iron ore producer optimistic about China demand
February 24, 2009
Brazilian mining giant Vale do Rio Doce, the world’s biggest iron ore producer, expects to ship a record-high 30 million tonnes of iron ore to China in the first quarter of 2009, it said on Friday.
China is Brazil’s single biggest customer for iron ore and the mining industry is sensitive to any change demand from the Asian giant, which is still in growth as other large economies slide towards recession.
“Demand in China is coming back beyond previous levels … China is helping cover a lot of weakness in other markets,” said Jose Carlos Martins, executive director of ferrous minerals.
Chief Executive Roger Agnelli said steel mills in Europe had, like China, been burning through their iron ore and steel stocks and could be expected to start buying again in the second quarter.
On Thursday, the company announced fourth quarter net profits of 10.44 billion Reales (4.44 billion US dollars), more than double the 4.41 billion Reales it made in the same three-month period of 2007 and the 4.82 billion Reales profit in quarter three.
The company said that cost controls, production cuts and a weaker local currency helped it offset weaker demand for metals. (The weaker Brazilian currency inflated its earnings at home from dollar-denominated exports). The Brazilian currency Real has shed about 33% of its value against the US dollar since hitting a nine-year high last August.
Overall revenue totalled 17.94 billion Reales in the fourth quarter, up from 15.21 billion Reales in the year-earlier period but down from 21.39 billion Reales in the third quarter of 2008.
However according to US GAAP accounting principles, Vale’s fourth-quarter net profit fell 47% to 1.37 billion US dollars from 2.57 billion in the year-ago period and 4.82 billion in the third quarter.
The global market turmoil had seen demand for iron ore plummet in the last quarter of 2008. Vale slowed production at some of its mines in Brazil and abroad and in December announced it was cutting 1,300 jobs and put 5,500 on mandatory paid vacation.
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Chinese power output in 2008 up by 5% YoY
February 9, 2009
According to data released by the China Electricity Council China’s installed power capacity reached 792.53 million kilowatts by the end of 2008, an increase of 10.34% from the previous year, while China’s power output hit 3,433.4 billion kilowatt per hours in 2008 an increase of 5.18%YoY. Power consumption in China totaled 3,426.8 billion kWh in 2008 an increase of 5.23%.
In 2008, China increased power capacity by an additional 90.51 million kilowatts, including 20.1 million kilowatts in hydro power and 4.66 million kilowatts in wind power. During the same period, China shut down small thermal power units with a total power capacity of 16.69 million kilowatts. Standard coal consumption for thermal power units with a power capacity of over 6,000 kilowatts fell to 349 grams per kWh, below the level of 355 grams per kWh required in the Eleventh Five-Year Plan. China’s power imports and exports totaled 20.455 billion kWh in 2008, an increase of 5.61%YoY. Of which, power exports reached 16.859 billion kilowatts, an increase of 10.25%YoY.
The CEC also made projections about the state of power in 2009. Power investment is expected to maintain high levels of as much as CNY 650 billion. China’s power capacity is expected to increase by an additional 80 million kilowatts in 2009, with the total power installed capacity to reach 860 million kilowatts by the end of this year. China’s power supply capacity is sufficient considering its power demands. Growth in China’s power output for the whole year is expected to be 5%.
(Sourced People’s Daily Online)
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New Development Zone to Take Shape Near Beijing
January 31, 2009
China’s port construction, steel and power giants will pour 192.9 billion yuan (28 billion U.S. dollars) for infrastructure construction in Caofeidian, an island-turned development zone in the Bohai Bay in north China, according to the city government of Tangshan, which administrates the zone.
Xinhua’s source with the government said on Wednesday that 65 billion yuan of the investment will be used for 105 infrastructure projects this year.
The 50-sq km development zone in Hebei Province is 220 km to the east of Beijing. It has been designated as a model of China’s environment-friendly industrial base.
The projects under construction this year will equip the zone with 200 million tons of port handling capacity and an initial industrial production condition for key companies, such as the Beijing Capital Iron and Steel Group’s steel plant, which moved from the capital city’s urban area to Caofeidian in 2007.
The Caofeidian industrial zone was put on China’s list of pilot areas for recyclable economy in October 2005. Chinese President Hu Jintao and Premier Wen Jiabao both paid visits to the zone. They expect it to become a demonstration area for scientific development and recyclable development.
Caofeidian has been mapped to become the country’s largest steel production base by 2010. An evaluation by the country’s environmental watchdog shows the steel plant will ensure 99.5 percent of solid waste and 97.5 percent of waste water are recycled.
State-owned giants like Petro China and Huadian Power Group have also made the zone their energy base.
Caofeidian, once a small sand spit in the Bohai Bay, has extended into a land of more than 50 square km through sea fillings since 2003. The frame of a modern city is beginning to take shape here as crowds of elite technicians and industrial workers swarm to the zone.
Source: Xinhua News Agency
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