Nov 23, 2021 05:49 AM

Energy Insider: Five Chinese Citizens Kidnapped in Congo

In today’s Caixin energy news wrap: Investigation of Inner Mongolia coal industry recovers $8.2 billion; Chinese EV manufacturers eye used car market; solar wafer overproduction likely to cause price war next year.

Five Chinese citizens kidnapped in Congo

Five Chinese citizens were kidnapped in the Democratic Republic of Congo’s South-Kivu province, according to the Chinese Embassy. All of the kidnapped work for a mining company. The Chinese ambassador called for the evacuation of Chinese citizens from Ituri, South-Kivu and North-Kivu following several recent attacks on Chinese people in those provinces.

Investigation of Inner Mongolia’s coal industry recovers $8.2 billion

China’s main coal producing province Inner Mongolia recovered 52.4 billion yuan ($8.2 billion) of losses following a special inspection of the coal industry, according to outgoing Governor Liu Qifan. Started in 2020, the probe aimed to disclose corruption in coal production and delivery over the ;past two decades. More than 100 people were charged.

Chinese EV manufacturers try to jump-start used car market

Chinese electric vehicle start-ups XPeng, NIO and Weltmeister initiated a used EV trading platform of their own. In contrast to the booming new vehicle market, the size of the used EV market remains small because of fast-aging batteries, which weigh on the value of used EVs. Participation of EV makers and advanced battery swap technology may bolster demand.

New investors emerge in China’s clean energy business

The power sector is being reshaped as China shifts to cleaner energy, said Peng Peng, secretary general of China New Energy Electricity Investment and Financing Association, at a recent forum. In addition to conventional power giants, more investors are venturing into the sector. According to Peng, total power sector investment of more than 40 trillion yuan ($6.3 trillion) is needed as China is determined to generate more than 80% of its electricity from non-fossil fuel energy by 2060.

Tire producers raise prices amid surging raw materials costs

Several Chinese tire producers raised prices amid surging raw material costs just a month after nearly 70 tire manufacturers made price adjustments. Demand remained weak as vehicle sales stumbled and the logistics sector was affected by rising oil prices.

China is confident on controlling inflation

Though vegetable prices hit record high in some area and rising prices of energy and raw materials have also affected daily necessities, China’s central government remains optimistic about containing inflation. The National Development and Reform Commission, the country’s top economy planner, said prices will stay within a reasonable range with sufficient supply of daily necessities. The commission said coal and raw material prices recently eased to normal levels.

Solar wafer overproduction likely to cause price war next year

Production capacity of solar wafers is rising as photovoltaic giants Longi and Zhonghuan Semiconductor expand production and more players enter the business. Polysilicon manufacturers might cut wafer prices next year amid overproduction, according to photovoltaic industry insiders. “A price war is also likely to happen,” one person said.

Qixiang Tengda chairman to buy up to $23.5 million of shares

Che Chengju, the chairman of Zibo Qixiang Tengda Chemical Co. Ltd., promised to purchase as much as 150 million yuan ($23.5 million) of the Shandong-based rubber producer’s shares in the next few months. Che said the decision is based on his confidence in the company’s future and its stock price and is intended to protect retail investors’ interests by stabilizing the stock price. The chairman now owns 93.1 million Qixiang Tengda shares, accounting for 3.28% of its total outstanding shares.

China Energy Investment’s ethylene glycol project starts operation

A China Energy Investment ethylene glycol project with annual production capacity of 400,000 tons started operation Sunday. The project, which will later produce degradable polyglycolic acid, is part of China’s efforts to turn out high-end coal industry products.

China’s steel prices keep falling

China’s steel prices kept falling last week as steel futures prices fluctuated dramatically and demand shrank amid cold weather, data from showed. Stockpiles rose as a result.

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