No New Steel Projects in China's Bohai, Yangtze Delta -Report-Shanghai Metals Market

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No New Steel Projects in China's Bohai, Yangtze Delta -Report

Industry News 11:12:04AM Nov 07, 2011 Source:SMM

SHANGHAI, Nov 7 (Reuters) - China will not develop new steel projects in the Bohai and Yangtze River Delta regions, the Shanghai Securities News quoted an official from the Ministry of Industry and Information Technology (MIIT) as saying.

The new guideline will be included under the under a soon-to-be-revealed five-year plan for the steel industry, said the deputy director of the MIIT's raw materials department Luo Tiejun.

There will also be a shift in the current emphasis on developing the steel industry in the north as compared to the south and bringing more steel projects to western regions like Xinjiang.

The plan aims to promote energy efficiency and environmental conservation and phase out the use of backward technologies.

Luo also said China should "elevate the importance of securing of iron ore resources to a national level."

Various government departments are cooperating to develop an iron ore security coordination mechanism, he said.

Since iron ore prices have plunged more than 30 percent since late September the country should make use of the opportunity to propose a new pricing system, Luo added.
 

Key Words:  MIIT  steel  new steel project 

No New Steel Projects in China's Bohai, Yangtze Delta -Report

Industry News 11:12:04AM Nov 07, 2011 Source:SMM

SHANGHAI, Nov 7 (Reuters) - China will not develop new steel projects in the Bohai and Yangtze River Delta regions, the Shanghai Securities News quoted an official from the Ministry of Industry and Information Technology (MIIT) as saying.

The new guideline will be included under the under a soon-to-be-revealed five-year plan for the steel industry, said the deputy director of the MIIT's raw materials department Luo Tiejun.

There will also be a shift in the current emphasis on developing the steel industry in the north as compared to the south and bringing more steel projects to western regions like Xinjiang.

The plan aims to promote energy efficiency and environmental conservation and phase out the use of backward technologies.

Luo also said China should "elevate the importance of securing of iron ore resources to a national level."

Various government departments are cooperating to develop an iron ore security coordination mechanism, he said.

Since iron ore prices have plunged more than 30 percent since late September the country should make use of the opportunity to propose a new pricing system, Luo added.
 

Key Words:  MIIT  steel  new steel project