China's Power Generation up 4.21% in July
According to figures released by the State Grid Corporation of China on Tuesday, the country generated 348.5 billion kilowatts of electricity in July, up 4.21 percent year-on-year. This is the second consecutive month where China has seen its electricity generation grow, ending eight consecutive months of decline since October last year. The State Grid Corporation of China commented that growth is a sign of economic stabilization and recovery of domestic industrial production.

CNPC, BP to Settle Rumaila Oil Deal
China National Petroleum Corp (CNPC) and BP are expected to finalize their contracts with their Iraqi partners by the end of October. The two companies won the bid to exploit the Rumaila oilfield in June and CNPC President, Jiang Jiemin was scheduled to travel to London this week to meet with BP's top management. Rumaila is the workhorse of Iraq's oil sector, with a current capacity of 1.1 million barrels per day (bpd) out of Iraq's total national output of 2.4 million bpd.

China Imports More Iron Ore from Brazil
Chinese steel mills have said they would prefer to import more iron ore from Brazil rather than Australia, after negotiations fell through with Rio Tinto and four of their employees were detained on charges of commercial espionage. According to data specialist, ASXMarine, vessel bookings from Australia's main iron ore ports to China dropped to 31 ships, down from 40 compared to the previous month and the lowest reading since February. Chinese steelmakers are now trying to see if they can switch to importing from Brazil instead of from Australia.