Rare earth association to be formed in May
THE government is likely to create a rare earth industry association in May to help its miners obtain more pricing power in the global market, media reported yesterday.
The association, closer to a formal launch after approvals from government agencies including the Ministry of Information and Technology, will serve as price negotiator and as a facilitator in trade disputes for China s rare earth export sector. The International Business Daily said the new association will have 93 members, covering most of the country s miners and manufacturers of the metals, widely used for wind turbines, hybrid cars and a range of other high-tech products.
Shares end flat on profit-taking
CHINA S main stock index closed flat yesterday, erasing gains made in the morning session, as investors took profits in some hot sectors such as securities companies, which had made big gains in the past few sessions.
The benchmark Shanghai Composite Index ended at 2,899.2 points, after a 2.5 percent gain Monday, falling just below the psychologically important level of 2,900 points. However, analysts said inflationary pressure remained strong and the market still expected the central bank would remain on course for monetary tightening in the longer term, putting pressure on the index.
Baosteel raises March product prices
BAOSHAN Iron and Steel (Baosteel), China s top listed steelmaker, will raise its main product prices for March bookings by around 300 yuan (US$45.50) per ton, steel consultancy Custeel.com said yesterday.
In a statement on its Web site, the consultancy said Baosteel would raise prices for hot-rolled coil by 300 yuan per ton, while prices for cold-rolled coil would go up by 260-300 yuan per ton. Wuhan Iron and Steel Co., China s third-largest steelmaker, will also raise prices of its major products by 300 yuan per ton for March bookings.
GM to add new, upgraded models
GENERAL Motors Co. (GM) said yesterday it planned to introduce more than 20 new and upgraded models in China over the next two years.
As our largest market, China played a significant role in GM s success in 2010, GM chief executive Daniel Akerson said. We will continue investing aggressively in China to ensure the long-term success of our company.
