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The head of the Iranian Red Crescent stated that since the US and Israel launched attacks on Iran, a total of 6,668 civilian facilities across the country have been attacked.On March 7th, Liu Dechun, Director of the Social Development Department of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan makes a series of arrangements in education, healthcare, and social security. In education, the plan aims to increase the average years of schooling for the working-age population by another 0.4 years, from the current 11.3 years to 11.7 years. Among these, basic education will focus on expansion and quality improvement. The plan includes comprehensively promoting the high-quality and inclusive development of preschool education, the high-quality and balanced development of compulsory education, steadily expanding the scope of free education, exploring the extension of compulsory education years, and constructing, renovating, or expanding 1,000 high-quality general high schools.On March 7th, Yuan Da, Secretary-General of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan focuses on accelerating the comprehensive green transformation of economic and social development, emphasizing the establishment of "one mechanism" and the implementation of "three tasks." These three tasks will be developed in depth around three aspects: accelerating the shift of energy towards new and green technologies, reducing carbon emissions and increasing green production, and improving efficiency in production and daily life. Specifically, accelerating the reduction of carbon emissions and increasing green production involves two aspects: First, increasing energy consumption by vigorously developing green and low-carbon technologies and industries, orderly promoting the transfer of eligible high-energy-consuming industries to areas rich in renewable energy resources, establishing approximately 100 national-level zero-carbon industrial parks, and planning and laying out more than 10,000 kilometers of zero-carbon transportation corridors. Second, reducing energy consumption by deeply implementing major energy-saving and carbon-reduction transformation projects in key industries, accelerating the elimination of outdated and inefficient production capacity, effectively managing high-energy-consuming and high-polluting projects, promoting low-carbon substitution of transportation power, and improving energy efficiency in emerging fields such as computing facilities and 5G base stations.On March 7th, Yuan Da, Secretary-General of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan dedicates a separate chapter to this work, proposing to "enhance Chinas ability to manage the ocean, accelerate the construction of a maritime power, and forge a path of maritime strength with Chinese characteristics." The plan emphasizes innovation-driven development and accelerating self-reliance in marine science and technology. It calls for strengthening strategic marine science and technology capabilities, accelerating breakthroughs in key core technologies and equipment, and creating more "national strategic assets." It also aims to improve the marine science and technology innovation ecosystem, promote the digital and intelligent transformation of the marine sector, and advance the development of marine education, science, and technology talent. Furthermore, it prioritizes industrial upgrading, strengthening, optimizing, and expanding the marine industry. Given that my countrys shipbuilding and marine engineering equipment, marine fisheries, and offshore wind power industries are already the worlds largest, China will further consolidate and enhance its advantages in marine equipment manufacturing, cultivate and expand emerging industries such as marine biomedicine, improve the development level of modern shipping, marine tourism, and other service industries, and accelerate the efficient utilization of marine energy resources.On March 7, Chen Lei, Director of the Development Strategy and Planning Department of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that in terms of new infrastructure, efforts will be strengthened to promote overall planning and efficient utilization. A number of strategically oriented, application-supporting, and forward-looking major scientific and technological infrastructures will be systematically planned and constructed. The deployment and application of 10-gigabit optical networks and the large-scale commercial use of 5G-A mobile communication networks will be promoted. A nationwide integrated computing power network will be built, and satellite communication, navigation, and remote sensing systems will be constructed in a coordinated manner. Low-altitude infrastructure will be built with scenario expansion as the driving force, thereby providing solid support for industrial upgrading and digital development during the 15th Five-Year Plan period and even longer.

The price of steel rises somewhat despite contradictory signals from China

Daniel Rogers

Aug 24, 2022 15:14

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The price of steel continues to hover near its one-week high, which was signaled the day before. Notable is the fact that the latest comeback in metal prices is supported by promises for additional stimulus from China and the retreat of the U.S. dollar, despite the fact that recession concerns pose a challenge to bulls.

 

The most active steel rebar contract on the Shanghai Futures Exchange (SFE) jumped 0.50 percent, while the price of hot-rolled coil increased 1.4 percent. Moreover, stainless steel prices increased 0.4% to 15,430 yuan per tonne.

 

China's willingness to combat the effects of the recession with a substantial injection of funds appears to have contributed to the recent optimism among metal purchasers. "Additional measures taken by China to bolster its struggling real estate market provided additional help. Reuters reports that China slashed its benchmark lending rates and mortgage reference rates by a larger margin on Monday in an effort to stimulate its economy, which has been hampered by COVID-19 breakouts and a housing crisis.

 

On the other hand, Reuters reported that the longer-term situation remained uncertain as a recurrence of COVID-19 cases and a worldwide economic recession continued to weigh on steel demand.

 

It should be noted that the US Dollar Index (DXY) retreats from its intraday high as traders await the US Durable Goods Orders for July, which are anticipated to increase by 0.6% versus the prior increase of 2.0%, for fresh impetus. Expectations that Fed Chairman Jerome Powell will repeat his attempt to soothe hawks at Friday's speech at the Kansas City Fed's Jackson Hole conference may have also impacted on the dollar.

 

Aside from this, predictions of a recession in Europe, primarily owing to the energy crisis, and India's desire to become the world's leading steel manufacturer appear to exert downward pressure on the steel price.