SHANGHAI, Jan. 25 (SMM) -- The State Grid Corporation of China (SGCC) plans to complete its power grid construction investment target of RMB 227.4 billion during 2010, according to announcements at its 2010 working conference. This level of investment would be down 25.6% from 2009 levels. In 2009, SGCC completed fixed asset investments worth RMB 311.1 billion in 2009, including power grid investments of RMB 305.86 billion, up 22.5% from 2008. In 2010, SGCC will make greater efforts to improve smart grid construction and construct electric car charging stations.
Since SGCC's power grid investments accounted for 80% of China's total grid investments during 2009, SMM believes that any YoY declines in investment will come as a result of decreases in demand from electric power grid sector. China's new copper rod capacity exceeded 700 kt/yr in 2009, and as a result domestic copper rod producers will begin to feel pressure from higher levels of finished product inventories. At present, processing fees of copper rod remain low.
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