Energy Insider: China’s Steel Exports Rise 20% in May; Shanxi Coal Giant Expects 60% Rise in Production
In today’s Caixin energy news wrap: Coal mining giant in Shanxi forecasts a 60% production rise in the next five years; China’s steel exports grow 20% in May amid commodity boom; Shandong plans key energy storage projects while Baosteel invests in low-carbon project.
Steel exports rise 20% in May
China exported about 5.3 million tons of steel in May, a year-on-year increase of 19.8%, according to the General Administration of Customs. The accumulated export volume of steel from January to May reached 30.9 million tons, up 23.7% from a year ago. China imported 89.8 million tons of iron ore and iron ore concentrate in May, up 3.2%. From January to May, the cumulative volume of imported iron ore and iron ore concentrate reached 471.8 million tons, 6% more than the previous year.
Shandong to launch seven energy storage projects in 2021
The Energy Administration of Shandong province unveiled a list of key power storage projects, including five peak shaving projects and two frequency modulation projects, with respective energy storage scales up to 520 megawatts and 1,041 megawatt-hours. The projects will be undertaken by the State Power Investment Corp., China Huadian Corp. Ltd., China Huaneng Group Co. Ltd., State Grid Corp. of China, Three Gorges Renewables (Group) Co. Ltd. and China Datang Corp. Ltd.
Baosteel unit plans low-carbon metallurgy project
Baoshan Iron & Steel Co. Ltd. (600019.SH) said its board of directors approved plans for its subsidiary Baosteel Zhanjiang Iron & Steel Co. Ltd. to build a hydrogen-based shaft furnace system project. The unit will first build a pilot production line for hydrogen-based shaft furnaces in hopes of realizing low-carbon metallurgy, improving its competitiveness in carbon emissions and accumulating experience for the subsequent independent integration and development of perhydrogenated smelting technology. The company ultimately aims to develop intellectual property in low-carbon metallurgy processes.
Zhuhai Port to pay $118.8 million for 11.96% of Tianlun Gas
Zhuhai Port Co. Ltd. (000507.SZ) said it plans to purchase 120 million shares of Henan Tianlun Gas Group, representing 11.96% of the company. The deal will expand Zhuhai Port’s scale and make space for a new energy business. The transaction will be conducted by Zhuhai Port’s wholly owned subsidiary Zhuhai Port (Hong Kong) Development Co. Ltd. Zhuhai Port will pay HK$7.68 ($0.99) for each Tianlun Gas share, bringing the total amount to HK$922 million ($118.8 million). Tianlun Gas is one of China’s first private enterprises to specialize in city gas operations. The Henan-based company operates in Henan, Jilin, Gansu, Shandong, Guangdong, Yunnan and other provinces.
Shanxi coal mining giant expects to boost production by 60% in five years
China’s second-largest coal mining company Jinneng Holding Group is expected to increase its coal production by 60% to 500 million tons during the 14th Five-Year Plan between 2021 and 2025. Jinneng was formed in 2020 by merging three local mining companies in Shanxi. The company’s total annual production capacity reached 400 million tons after the merger. Jinneng Chairman Guo Jingang said the company plans to produce 600 million tons of coal every year during the 15th Five-Year Plan.
Contact editors Han Wei (firstname.lastname@example.org) and Bob Simison (email@example.com)
Download our app to receive breaking news alerts and read the news on the go.
Follow the Chinese markets in real time with Caixin Global’s new stock database.
- MOST POPULAR
- CX Daily: Delivery Times Likely To Stretch After Beijing Warns Omicron Could Have Traveled In Mail