Crude steel output to hit record 660m tons
CHINA, the world s largest steel producer, was expected to generate a record of 660 million tons of crude steel this year, the Ministry of Industry and Information Technology (MIIT) said yesterday.
Despite rising production and prices, the steel sector s profits would remain below those of other domestic industries, the ministry said in a statement. The double-whammy of surging raw materials cost and continuously volatile steel prices will lead to lower profit margins in the domestic steel sector than other industries, it said.
Jan. iron ore imports hit record high
CHINESE iron ore imports surged 48 percent to a record in January, compared with the same period last year, because traders replenished stocks in expectation of rising ore prices, domestic media reported Tuesday.
Imports climbed to 68.97 million tons in January, up 18.8 percent from 58.08 million tons in December, according to the General Administration of Customs. The previous record for iron ore imports was 64.55 million tons in September 2009.
Mortgage rate to go up for 2nd homes
CHINA appears set to increase mortgage rates for second-home purchases as it steps up action to stamp out property speculation.
The Central Government planned to raise the rate by as much as 1.2 times the benchmark interest rate in Beijing and Shanghai, the first two cities that would be affected, the 21st Century Business Herald reported earlier this week.
Banks end first-home loan discount
MANY banks in the Chinese cities of Shanghai, Beijing and Shenzhen had stopped offering discounts on mortgage loans for first-time homebuyers, the National Business Daily reported Tuesday, quoting unnamed bank staff. Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Shanghai Pudong Development Bank Co. had stopped offering such discounts, the report said.
Auto imports nearly double in 2010
CHINA S imports of foreign cars nearly doubled last year, with Japanese and German models most in favor among buyers looking to upgrade their vehicles, an industry association said Tuesday.
The China Association of Automobile Manufacturers said car imports jumped 93 percent last year from 2009 to 813,600 vehicles. By value, imports doubled to US$30.64 billion, while China s vehicle exports rose 40 percent from a year earlier to a record US$51.8 billion.
