Latest news with #steelindustry
Reuters
15 hours ago
- Business
- Reuters
Germany's energy use rises 2.3% in first half of 2025
FRANKFURT, July 29 (Reuters) - Germany's energy use rose 2.3% in the first half of 2025, industry statistics group AGEB said on Tuesday, citing cooler weather and a small uptick in economic performance as drivers. Energy usage in Europe's biggest economy increased to 187.3 million metric tons of coal equivalent, an industry standard measure, from 183.1 million in the first six months of 2024, AGEB's January-June report showed. Usage for the whole of 2024, opens new tab was 359.6 million tons, down 1.1% on the year before. In the first half of 2025, natural gas usage rose by 4.7%, while light heating oil was up by nearly 18% due to weather patterns, AGEB said. Usage of imported hard coal was flat overall, but varied between sectors. Coal inputs in power stations rose by 23% as more conventional power was needed to offset weather-related declines in wind and hydro-electric generation. However, photovoltaic power consumption increased by 25%. The steel industry, on the other hand, used 12% less hard coal, in line with its lower pig iron production. AGEB estimated that the increase in thermal power plants' production led to 2.6% more CO2 emissions in the six months. *Energy use numbers in million tons coal equivalent units. One unit equals 29.308 petajoules. Table allows for rounding errors.
The Independent
4 days ago
- Business
- The Independent
Why Starmer has more to worry about than his inability to play golf when he meets Trump at Turnberry
Keir Starmer has confided that he has never played golf before, which may prove to be a problem when he holds a bilateral with Donald Trump at the US president's Turnberry course in Scotland on Monday. The location partially explains the nervous energy around the prime minister when he discusses this last-minute arranged meeting as Trump spends a few days relaxing at his own Scottish courses. 'Golf is not something you can pick up in a weekend,' a source close to the PM said, envisaging the two holding their bilateral around 18 holes on the championship course. But a potential crash course in golf is the least of Sir Keir's concerns as he prepares for yet another crucial bilatera l with a US president he has struck up a politically unlikely friendship with. Top of the agenda will be the steel industry followed by Ukraine and Gaza - all issues where Sir Keir and Trump still seem far apart. Men of steel If sorting out the trade deal was the equivalent of a green on a golf course, Starmer would be on his third attempt with the putter trying to sink a ball which initially rolled invitingly near to the flag. Already we have effectively had two signing ceremonies for a trade agreement to tackle Trump's 'freedom day' tariffs. The first occasion in May when it was described as 'the big and beautiful deal' seemed to have resolved almost everything. Then nothing happened until the two men appeared together in Canada last month with a signed deal which the president almost immediately fumbled on to the floor. But even after that there was one crucial issue left over - steel. Trump put tariffs of 25 per cent on steel and then increased them to 50 per cent for the rest of the world, with a threat that the UK would go from 25 to 50 per cent if it did not sort the issue out. Time is running out and with the taxpayer now in hock to the future of British Steel and the entire industry staring at a precipice, Starmer needs to get the zero per cent tariff he was promised back in May. Unfortunately, there appears to be no immediate sign of that happening. Palestinian recognition There is a lot of speculation within Labour this weekend that Keir Starmer wants to recognise the state of Palestine as French president Emmanuel Macron did on Thursday. But he cannot do it until after he has had his meeting with Trump - otherwise the inevitable row over it would dominate proceedings. US secretary of state Marco Rubio made it clear that the US was disgusted with France and thought Macron was 'rewarding terrorism' by Hamas. A similar angry view would be taken with the UK. But the two do need to discuss the issues with the crisis coming to a head. Somehow Trump's enthusiasm for brokering a ceasefire there needs to be renewed and some think Starmer is the man to do that. His ability to boost the president's ego has become the blueprint for international leaders to deal with the second Trump term. Without US leadership there is a danger that the war will just go on and thousands of people trapped in Gaza will simply starve to death. In many ways Starmer will be speaking for the so-called E3 group of UK, France and Germany on the issue after the emergency phone call with Macron and German chancellor Friedrich Merz on Friday. Not forgetting Ukraine The Middle East may not even be Starmer's biggest international priority in these talks. He is desperate for a solution to the Ukraine problem and recently with Macron and Merz has been pushing ahead with the 'coalition of the willing' to provide a safeguard for Ukraine after a peace deal. He and Macron announced new details and plans for the coalition of the willing after the French president's recent state visit. But they are moving ahead without the one thing they need - a promise by the US to back them up militarily if things go wrong. Trump has resisted this idea, much preferring to get a share of Ukraine's mineral resources. He has shown no interest at all in Starmer's plan. But the British prime minister needs to somehow to get him on side on Monday. The State Visit While this is a private trip for Trump to look at his personal business interests (play golf on his own courses), it is a precursor to a much bigger visit in September. The invitation for a state visit came from the King and was delivered by his prime minister but details of the political side of the historic trip will be discussed. There may be an awkward moment regarding why Macron got to address a joint sitting of the Houses of Parliament and Trump will not. The excuse that it is the day after Parliament rises does not hold water because MPs and peers came back to hear the late Pope Benedict address them in 2010 in identical circumstances. There will be no shortage of rightwing British Trump friends visiting him over the next few days, including Nigel Farage and fellow Brexit bad boy Andy Wigmore, who will point out that others were treated better. How Starmer can win over Trump It is understood that the prime minister came up with a solution to deal with the diplomatic problem of having to play golf, at a recent social event in Westminster. 'We toss a coin. If the president wins we play golf, if I win we play football,' the PM is understood to have suggested. Given how much Trump enjoyed himself with Chelsea players after presenting the World Club Cup to them, that may be a solution. But it is going to take more than a coin flip for Sir Keir to persuade the president on these other issues. The one thing that matters though is that Trump values relationships and trusts people who are straight with him and give him their trust. Back at the G7 in Canada Trump made it clear that the UK will do well with him because he likes Starmer. He said: 'The UK is very well protected. You know why? Because I like them. The prime minister has done a really good job. He has done what other people have been talking about for six years and he has done it.' Starmer is going to need all the charm that he seems to have reserved for his international duties to get what he wants on Monday. But recent history suggests that it could all be within his grasp.
The Independent
21-07-2025
- Automotive
- The Independent
Chinese investors snap up stocks on hopes for an end to price wars and overcapacity
China's stock market is buzzing over government promises to tackle price wars that have hurt profits and worsened global trade tensions. The prevailing catchphrase is 'anti-involution,' and it reflects efforts to curb intense competition and overcapacity in industries like solar panels, steel, and electric vehicles. With rising trade barriers such as President Donald Trump 's higher tariffs, and relatively weak domestic demand, manufacturers have been slashing prices, undermining their bottom lines and driving some out of business. The producer price index, which measures the price that factories receive for their goods, has fallen steadily for nearly three years in China in a prolonged bout of deflation. The long-running issue spilled over into global markets as low-priced Chinese exports worsen trade friction with key trading partners including the United States and Europe. Solar panel glass makers agree to cut output by 30% In a series of recent statements, the Chinese government and industry associations have signaled they're getting serious about reining in cut-throat competition, known as invollution or 'neijuan' in Chinese. The top 10 makers of glass for solar panels agreed on June 30 to shut kilns and cut production by 30%, an industry association said. The government has launched an auto safety inspection campaign, addressing concerns that automakers were skimping on quality to cut costs. It's unclear whether these efforts will succeed, but the sense that China may finally be tackling this chronic problem was enough to spark a rally in stocks in some of those under-pressure sectors. Shares of Liuzhou Iron & Steel Co. gained 10% on Friday and have risen more than 70% since June 30. Solar panel glass producer Changzhou Almaden Co. fell at the end of last week but is still up about 50%. More broadly, two exchange traded funds in solar panels and steel have risen about 10%, outpacing a 3.2% rise in the Shanghai Composite, China's leading market index. The performance of EV-maker stocks has been mixed, with Li Auto and Nio recording double-digit percentage gains while market leader BYD declined. Foreigners can't buy Chinese stocks directly but they are able to invest in about 2,700 stocks and 250 exchange traded funds through the Hong Kong exchange. Government calls intense price wars 'disorderly' The gains follow high-level government pronouncements against disorderly price wars. On June 29, the People's Daily newspaper, the mouthpiece of the ruling Communist Party, ran a lengthy page 1 article on involution, saying they run counter to the party's goal of high quality economic development. Chinese leader Xi Jinping weighed in at a closed-door economic meeting, calling for better regulating competition and incentives by local governments to attract factory investments that are blamed for overinvestment in affected industries. The tougher talk began with a focus on automakers in late May, specifically around electric vehicle price wars that began more than three years ago. Analysts at investment bank UBS said the shift is good news for auto industry profits and company stocks. 'Though it's difficult to imagine a sudden U-turn of the industry from fierce competition to orderly consolidation, it's indeed possible to have near-term ceasefire of the price war,' they wrote. Weak demand and overcapacity bring a fight for survival After BYD launched another round of price cuts on May 23, some competitors, the main industry association and government all called for fair and sustainable competition. The EV battery industry, the cement association and major construction companies have issued statements echoing calls for an end to excess competition. The term involution, which suggests a spiraling inward and shrinking, was initially applied in China to students and young workers, who felt they were caught up in meaningless competition that led nowhere as the job market weakened and wages stagnated in recent years. At the industry level, it has come to mean sectors that have too many companies competing for a slice of the pie, leading to fierce price cutting to try to gain market share. The mismatch between production capacity — how much an industry can make — and actual demand for the product, reflects overcapacity that forces companies to compete for survival in a limited market space, said a recent article in the Communist Party magazine Qiushi. Obstacles to fixing the problem Some Chinese industries, especially steel and cement, have long suffered from overcapacity. A government push to promote green industries has fostered similar problems in that sector, including solar panels, wind turbines and electric vehicles. A flood of Chinese exports is leading to more trade barriers in Europe and the U.S. and in some emerging markets such as Mexico, Indonesia and India. Ultimately, economists say industries need to consolidate through company mergers and bankruptcies. But the process will take time. A major obstacle is provincial governments that want to protect local companies and jobs. Alicia García-Herrero, the chief economist for Asia-Pacific at the Natixis investment bank, said that recent comments by top Chinese economic officials suggest they realize something needs to be done. 'How much is action versus words, I don't know,' she said. 'But I do think it's a big problem for China.' ___ Associated Press researcher Yu Bing contributed.
Associated Press
21-07-2025
- Automotive
- Associated Press
Chinese investors snap up stocks on hopes for an end to price wars and overcapacity
BEIJING (AP) — China's stock market is buzzing over government promises to tackle price wars that have hurt profits and worsened global trade tensions. The prevailing catchphrase is 'anti-involution,' and it reflects efforts to curb intense competition and overcapacity in industries like solar panels, steel, and electric vehicles. With rising trade barriers such as President Donald Trump's higher tariffs, and relatively weak domestic demand, manufacturers have been slashing prices, undermining their bottom lines and driving some out of business. The producer price index, which measures the price that factories receive for their goods, has fallen steadily for nearly three years in China in a prolonged bout of deflation. The long-running issue spilled over into global markets as low-priced Chinese exports worsen trade friction with key trading partners including the United States and Europe. Solar panel glass makers agree to cut output by 30% In a series of recent statements, the Chinese government and industry associations have signaled they're getting serious about reining in cut-throat competition, known as invollution or 'neijuan' in Chinese. The top 10 makers of glass for solar panels agreed on June 30 to shut kilns and cut production by 30%, an industry association said. The government has launched an auto safety inspection campaign, addressing concerns that automakers were skimping on quality to cut costs. It's unclear whether these efforts will succeed, but the sense that China may finally be tackling this chronic problem was enough to spark a rally in stocks in some of those under-pressure sectors. Shares of Liuzhou Iron & Steel Co. gained 10% on Friday and have risen more than 70% since June 30. Solar panel glass producer Changzhou Almaden Co. fell at the end of last week but is still up about 50%. More broadly, two exchange traded funds in solar panels and steel have risen about 10%, outpacing a 3.2% rise in the Shanghai Composite, China's leading market index. The performance of EV-maker stocks has been mixed, with Li Auto and Nio recording double-digit percentage gains while market leader BYD declined. Foreigners can't buy Chinese stocks directly but they are able to invest in about 2,700 stocks and 250 exchange traded funds through the Hong Kong exchange. Government calls intense price wars 'disorderly' The gains follow high-level government pronouncements against disorderly price wars. On June 29, the People's Daily newspaper, the mouthpiece of the ruling Communist Party, ran a lengthy page 1 article on involution, saying they run counter to the party's goal of high quality economic development. Chinese leader Xi Jinping weighed in at a closed-door economic meeting, calling for better regulating competition and incentives by local governments to attract factory investments that are blamed for overinvestment in affected industries. The tougher talk began with a focus on automakers in late May, specifically around electric vehicle price wars that began more than three years ago. Analysts at investment bank UBS said the shift is good news for auto industry profits and company stocks. 'Though it's difficult to imagine a sudden U-turn of the industry from fierce competition to orderly consolidation, it's indeed possible to have near-term ceasefire of the price war,' they wrote. Weak demand and overcapacity bring a fight for survival After BYD launched another round of price cuts on May 23, some competitors, the main industry association and government all called for fair and sustainable competition. The EV battery industry, the cement association and major construction companies have issued statements echoing calls for an end to excess competition. The term involution, which suggests a spiraling inward and shrinking, was initially applied in China to students and young workers, who felt they were caught up in meaningless competition that led nowhere as the job market weakened and wages stagnated in recent years. At the industry level, it has come to mean sectors that have too many companies competing for a slice of the pie, leading to fierce price cutting to try to gain market share. The mismatch between production capacity — how much an industry can make — and actual demand for the product, reflects overcapacity that forces companies to compete for survival in a limited market space, said a recent article in the Communist Party magazine Qiushi. Obstacles to fixing the problem Some Chinese industries, especially steel and cement, have long suffered from overcapacity. A government push to promote green industries has fostered similar problems in that sector, including solar panels, wind turbines and electric vehicles. A flood of Chinese exports is leading to more trade barriers in Europe and the U.S. and in some emerging markets such as Mexico, Indonesia and India. Ultimately, economists say industries need to consolidate through company mergers and bankruptcies. But the process will take time. A major obstacle is provincial governments that want to protect local companies and jobs. Alicia García-Herrero, the chief economist for Asia-Pacific at the Natixis investment bank, said that recent comments by top Chinese economic officials suggest they realize something needs to be done. 'How much is action versus words, I don't know,' she said. 'But I do think it's a big problem for China.' ___ Associated Press researcher Yu Bing contributed.
CTV News
16-07-2025
- Business
- CTV News
New measures to support Canada's steel industry
Ottawa Watch Prime Minister Mark Carney announced new measures to support Canada's steel industry amid the trade war. CTV's Stefan Keyes reports.
