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BEIJING, May 31 (Xinhua) -- China's gasoline prices will be cut by 230 yuan (33.7 U.S. dollars) per tonne and diesel prices by 220 yuan per tonne from Tuesday, the National Development and Reform Commission (NDRC) announced Monday.The price cuts came after a record high in price hikes in April. The previous price cut was in September 2009.Before the adjustment, the benchmark price of gasoline was 7,420 yuan per tonne and diesel 6,680 yuan per tonne.Cao Changqing, head of price department of the NDRC, said the adjustment was "timely and in a proper amount" in response to recent changes in the international crude oil prices.International crude oil prices had been rising before May, when they began to decline, the NDRC statement said. The recent drops had amounted to 4 percent, meeting price adjustment conditions, it added.Cao said the move was also based on the global and domestic economic sitations and oil supply and demand as well as the country's pricing mechanism.In 2009, China adopted an oil pricing mechanism that allows the NDRC to adjust retail fuel prices when the international crude oil price changes by more than 4 percent over 22 straight working daysThe government would raise benchmark prices for domestically-produced onshore natural gas by 230 yuan per thousand cubic meters, or 24.9 percent, to 1,155 yuan per thousand cubic meters because of relatively low prices and strong demand, he said.

BEIJING, March 31 -- The shifting of a 40-year-old system of setting annual iron ore prices to a short-term pricing mechanism may shake up the Chinese steel industry by creating an even playing field for all steel mills - large and small - in terms of raw material costs.BHP Billiton said on Tuesday that it had concluded agreements with a significant number of Asian customers to shift pricing for the majority of its iron ore to short-term contracts, which are based on market prices.A worker at Liaoyang Iron and Steel Company, Liaoning province. There are 1,200 steel mills in China, but only 112 have licenses to import iron ore at long-term prices. Unlicensed firms have to buy iron ore from the spot market.Vale wants a new pricing system every quarter, said Pedro Gutemberg, director of marketing and research at Vale in Beijing on Tuesday, speaking at an industry conference"A more time-adjusted pricing mechanism is needed in order to better reflect real market prices," he said. "Benchmark prices are over. This is a market-oriented industry."That shift may be of some value to smaller steel mills."Vale has offered quarterly priced iron ore to us, which means we could buy iron ore at the same prices that large steel mills pay," said a sales manager at a small, private steel mill that doesn't have an iron ore import license.

GUIYANG, May 14 (Xinhua) -- A toxic gas burst during an illegal coal mining operation has killed 21 people and injured five others in southwest China's Guizhou Province Thursday, officials said Friday.A total of 31 miners were working in a shaft of Yuanyang Colliery when the accident occurred at about 9:40 p.m. in Puding County, Anshun City. Rescuers on Friday confirmed that 10 people had escaped.The gas burst was triggered by the detonation of explosives for illegal mining, the rescue headquarters said after an initial investigation.The private mine, a combination of three minor collieries, began to improve its infrastructure facilities in 2008 when it received the first of the six necessary mining licenses from the local authorities.Ma Mintang, survivor of the gas outburst, receives treatment in Renmin Hospital of Anshun City, southwest China's Guizhou Province, May 14, 2010. A total of 31 miners were working in a shaft of Yuanyang Colliery in Puding County of Anshun City when a gas outburst occurred at about 9:40 p.m. on Thursday. Rescuers on Friday confirmed that 10 people survived and 21 bodies recovered from the coal mine.Mining was prohibited until the mine passed inspections by authorities and gets the other five business licenses, but the company secretly started mining last year under the guise of shaft maintenance, said Hu Yingze, director of the county coal mining administration.It had illegally produced more than 3,000 tonnes of coal so far, which was, in fact, theft of national resources, he said.Sun Guoqiang, vice governor of Guizhou, blamed county-level authorities for failing to examine the mine."Did anyone of you visit the mine after approving the shaft maintenance project?" Sun asked officials of the county's coal mining administration and work safety watchdog.Rising coal prices had driven the owners to start illegal production as the drought season cut short water supplies for power plants, which had to turn to coal. The market price for coal had risen to about 370 yuan (54 U.S. dollars) per tonne from the normal price of about 300 yuan, said Sun.

XIANGNING, Shanxi, April 5 (Xinhua) -- Sixty of the 115 workers who were pulled out alive after being trapped for over a week in a flooded coal mine in north China will be transferred to big city hospitals for better medical treatment, local authorities late Monday.Currently, the survivors are being treated at five hospitals near Wangjialing Coal Mine, which straddles Xiangning County, of Linfen City, and Hejin City, of Yuncheng City, in Shanxi Province.The Shanxi provincial government and medical experts dispatched by the Health Ministry have decided to transfer 60 rescued miners to key hospitals in the provincial capital Taiyuan Tuesday to receive better treatment.A special train will be deployed by the Ministry of Railways to take the patients to Taiyuan. The train will depart at 7:00 Tuesday morning and the trip will take 4 to 5 hours.Each of the patients will be equipped with two medical staff.

BEIJING, May 2 (Xinhua) -- The People's Bank of China (PBOC), the central bank, announced Sunday it will raise the deposit reserve requirement ratio (RRR) for most financial institutions for the third time this year amid growing concerns of asset bubbles and economic overheating.The bank said in a statement on its website that it would raise the deposit reserve requirement ratio (RRR) for financial institutions by half a percentage point from May 10.The ratio for the rural credit cooperatives and rural banks would remain unchanged at 13.5 percent, said the PBOC.However, the RRR for other small financial institutions would rise to 14 percent, and that for large financial institutions to 17 percent.This is the third rise in the deposit ratio this year. On Jan. 12 and Feb. 17, the central bank raised the deposit ratio by half a percentage point each time.The move indicated the government was taking further steps to tighten monetary policy in response to concerns of overheating and asset bubbles, said Liu Yihui, an expert with the Financial Research Center of the Chinese Academy of Social Sciences (CASS).The PBOC has cut the bank reserve requirement ratio four times during the second half of 2008 to stimulate growth, as the global financial crisis started to weigh on the economy.The country posted a better-than-expected 11.9 percent year-on-year economic growth in the first quarter, but the government was cautious and had repeatedly warned that the economic conditions this year were "very complicated."China's consumer price index (CPI), the main gauge of inflation, saw a rise of 2.4 percent year on year in March, nearing the ceiling of 3 percent inflation this year that the government has set at the annual parliamentary session that month."There is an obvious tendency of overheating," Liu said.