Shagang Group to reduce the production of NGO electrical steel
2023-04-05 08:53:38 [Print]
BEIJING (Asian Metal) 5 Apr 23 - As a major non-grain oriented electrical steel producer in East China, Jiangsu Shagang Group Co. (Shagang Group) would reduce the output by about 5,000t MoM to around 100,000t this month.
"Because of decreased orders from customers, we might produce about 100,000t of NGO electrical steel in April, down by around 5,000t month on month," said a source of the company, adding that Shagang Group announced to keep the EXW prices of NGO electrical steel produced in April unchanged on April 1st. Besides, they have no spot materials in hand for the time being, in line with last month.
Located in Zhangjiagang, Jiangsu province, Shagang Group produces NGO electrical steel with grades of 1,300-300. Based on the annual production capacity of about 1.2 million tonnes, it recorded an output of around 1.2 million tonnes in 2022 and produced about 310,000t in the first quarter of 2023.
The present mainstream prices of NGO electrical steel SG50W800 0.5mm*1,200mm*C from Shagang Group hover at about RMB5,700/t (USD828/t) D/P in warehouse Zhangjiagang, the same as those of last week. Insiders predict that Chinese NGO electrical steel prices would remain stable in the coming week on weak demand and high prices of steel mills.
"Because of decreased orders from customers, we might produce about 100,000t of NGO electrical steel in April, down by around 5,000t month on month," said a source of the company, adding that Shagang Group announced to keep the EXW prices of NGO electrical steel produced in April unchanged on April 1st. Besides, they have no spot materials in hand for the time being, in line with last month.
Located in Zhangjiagang, Jiangsu province, Shagang Group produces NGO electrical steel with grades of 1,300-300. Based on the annual production capacity of about 1.2 million tonnes, it recorded an output of around 1.2 million tonnes in 2022 and produced about 310,000t in the first quarter of 2023.
The present mainstream prices of NGO electrical steel SG50W800 0.5mm*1,200mm*C from Shagang Group hover at about RMB5,700/t (USD828/t) D/P in warehouse Zhangjiagang, the same as those of last week. Insiders predict that Chinese NGO electrical steel prices would remain stable in the coming week on weak demand and high prices of steel mills.
