China’s state planner has punished hundreds of coal and steel companies by forcing them to close or cut output for violating environmental and safety regulations, the latest effort to crack down on the country’s heavily polluting industries, Reuters reports. The National Development and Reform Commission (NDRC) forced two steel companies to shut completely, 29 firms […]
Category: Commodities
China’s plan to create the world’s second-largest steelmaker faces an uphill battle because of its sheer complexity. Yet the government is determined to force steel capacity reductions through additional consolidation, according to Caixin. The proposed merger of China’s second-largest and most profitable steelmaker, Shanghai-based Baosteel Group, with its money-losing smaller rival, Wuhan Iron & Steel […]
China’s efforts to reduce overcapacity in the coal and steel sectors have recorded a slow start, casting doubts on whether the government can honor its pledge to trim down the two huge industries. China’s over production and export of steel has become a source of friction with the United States and European Union, with allegations […]
The Financial Times reports the US has accused China of illegally subsidizing rice, corn and wheat farmers, adding agriculture to a growing list of Washington’s concerns over Chinese overproduction and distortion of global markets. The case comes as President Barack Obama is campaigning to get a vast new Pacific Rim trade deal ratified by Congress […]
The amount of coal-fired power generation under development worldwide has shrunk by 14% this year, Reuters reports, driven down by China as it struggles with oversupply and tries to promote cleaner energy. India also introduced policies in the first half of 2016 curbing plans for coal-fired plants, partly due to under-utilization of existing plants, according […]