Steel mills accept quarterly price
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China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Steel mills accept quarterly price — Shanghai Securities News
Although an official agreement is yet to be signed, some domestic steel makers have accepted quarterly prices set by the three mining giants, a move that may signal an end to the annual benchmark pricing system.
The quarterly price already accepted by Japanese and Korean buyers, is US$110, a 96.4 percent rise compared with the contract price in 2009. Currently, some Chinese steel makers have begun purchasing ore at this price.
The new price will cost the Chinese steel industry an additional 90 billion yuan this year.
In 2009, the Chinese steel industry made profits of only 69 billion yuan (US$10.14 billion).
Hainan starts building nuclear power plant — chinanews.com.cn
Construction work started Sunday on a new nuclear power plant in southern China's Hainan Province.
China National Nuclear Corporation (CNNC) and China Huaneng Group (CHG) are jointly carrying out the project.
The plant is being built in Changjiang County in the northwest corner of Hainan Island at a cost of nearly 19 billion yuan (US$ 2.78 billion). It will comprise two CNP600 pressurized water reactors, each with a capacity of 650,000 kilowatts. The first reactor will be connected to the grid by the end of 2014.
Hong Kong developer to open Shanghai mall — Oriental Morning Post
Hong Kong-based Sun Hung Kai Properties, Asia's biggest developer by market capitalization, announced yesterday its Shanghai International Financial Center (IFC) will open for business before the World Expo opens on May 1.
At 700,000 square meters IFC will be the largest commercial center in Lujiazui, Pudong District. It will be occupied by flagship stores of international brands, of which 15 percent will be entering the China market for the first time.
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