Tax rebates go up on some exports
March 26, 2009
CHINA will increase the tax rebate rates on some textile, iron and steel, nonferrous metal, petrochemical, electronics and light industrial exports starting on Wednesday.
The decision was made yesterday at an executive meeting of the State Council. The Cabinet agreed that it was necessary to raise tax rebates on some export products to fully implement the country’s economic stimulus package and the support plans for 10 industries.
The exact amounts of the rebate were not revealed by the State Council.
China has raised the export tax rebate rate for textiles four times since last August. It was increased previously in February from 14 percent to 15 percent.
China’s exports plummeted 25.7 percent year-on-year in February, the worst decline in more than a decade, as global demand deteriorated amid the deepening recession.
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China’s Trade Numbers at January
February 18, 2009
Last week’s trade numbers from China could not have been more dismal. After declining by 2.8 per cent year on year in December, China’s exports plummeted 17.5 per cent in January, placing huge pressure on the country’s manufacturing sector. Already unemployment in China is surging.
Chinese import numbers are even more dismaying. After dropping 21.3 per cent in December, imports fell a staggering 43.1 per cent in January.
At first glance there seems to be a silver lining in the export numbers: they are not as bad as those reported by some other Asian countries. In December, for example, Taiwan’s exports fell by 42 per cent, South Korea’s by 17 per cent and Japan’s by 35 per cent, capping many months of contraction. Less developed Asian countries also performed worse than China, which suggests China may have increased its competitive edge over its trading rivals. But it is precisely this relative outperformance that indicates the severity of the adjustment yet to take place. China’s trade surplus for January was a mind-blowing $39.1bn (€31.1bn, £27.4bn), just under November’s all-time high of $40.1bn and edging out December’s $39bn for second place. In comparison, in the first half of 2008 China’s average monthly trade surplus was an already high $16.7bn. In the second half it surged to $32.9bn.
Pls read the rest of article at Financial Times
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Stable pledge for the yuan
February 9, 2009
THE yuan will remain stable against the United States dollar in the near future with the Chinese government pledging to stabilize the currency.
The yuan closed slightly higher against the dollar last week at 6.8371 on Friday, according to the China Foreign Exchange Trade System. The local currency ended at 6.8380 by the end of the previous week.
“The yuan will not gain or fall on a large scale. The financial turmoil has brought much uncertainty to the market, and we will keep it at a reasonable and stable level,” said Zhou Xiaochuan, governor of the central bank.
“China’s exports are heavily affected by falling demand from foreign countries, and a depreciation of the local currency will not be any good for domestic manufacturers,” said Lian Ping, chief economist with the Bank of Communications.
Liu Dongliang, an analyst with China Merchants Bank, said: “We have seen a fairly balanced trading of the yuan after the week-long Chinese New Year holiday.”
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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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Turkish Chrome Ore Exporters Expect Increase in H1 2009
February 6, 2009
In January Turkish chrome ore exports were 70,490 Tonnes, over 37% lower than the same month of last year Steel Business Briefing learns from Istanbul Mineral & Metals Exporters Association (IMMIB) data.
January exports were substantially higher than December’s 17,435 Tonnes, but still 60% lower than last year’s monthly average.
Turkey’s largest chrome ore exporter, Etikrom, tells SBB that the January export figures are a positive sign, even if they show a decline y-on-y, after the volumes in the last three months of 2008. “Turkish chrome ore exports have started to move up, and we are expecting to see more increases until May or June,” the company says.
Etikrom’s price for February as $275/tonne, and for March $300/Tonnes for 42 % grade lumpy material cfr Chinese main ports, SBB is told.
It is also reported that China imported large amounts of chrome ore (62,069 Ton) before the Chinese New Year, and also that Russia and US imported small amounts last month.
Source: Steel Business Briefing
http://www.steelbb.com
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