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State Grid to Cut Power Grid Investment by 25.6% in 2010

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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.&nbsp; This level of investment would be down 25.6% from 2009 levels.&nbsp; In 2009, SGCC completed fixed asset investments worth RMB 311.1 billion in 2009, including&nbsp; power grid investments of RMB 305.86 billion, up 22.5% from 2008.&nbsp; 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&nbsp; decreases in demand from electric power grid sector.&nbsp; 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.&nbsp; At present, processing fees of copper rod remain low.
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