Qingzhou Nuodiwei stops cast iron production
2023-04-20 08:22:17 [Print]
BEIJING (Asian Metal) 20 Apr 23 - As one of major producers of cast iron in Shandong, Qingzhou Nuodiwei Foundry Co. (Qingzhou Nuodiwei) halted cast iron production on April 18, with output reduced by around 500tpd.
"Discouraged by reduced orders from clients and continuously falling prices of cast iron, we decided to suspend production from April 18," said a source from the company, predicting that they would not resume production in the coming month, as the demand for cast iron from foundries would soften further.
The company owns a 206 cubic meter of blast furnace with an annual production capacity of 200,000t for iron. It produced almost 60,000t of cast iron in 2022 and nearly 12,000t of the material so far this year. Currently it has an inventory of around 7,000t.
On Wednesday, the mainstream price of cast iron Z18 in Shandong stood at RMB3,550-3,570/t (USD515-518/t) EXW D/P, down by RMB20/t (USD3/t) from late last week. Upon weakening prices of raw materials and limited demand from downstream clients, prices of cast iron would go down further in the coming week.
"Discouraged by reduced orders from clients and continuously falling prices of cast iron, we decided to suspend production from April 18," said a source from the company, predicting that they would not resume production in the coming month, as the demand for cast iron from foundries would soften further.
The company owns a 206 cubic meter of blast furnace with an annual production capacity of 200,000t for iron. It produced almost 60,000t of cast iron in 2022 and nearly 12,000t of the material so far this year. Currently it has an inventory of around 7,000t.
On Wednesday, the mainstream price of cast iron Z18 in Shandong stood at RMB3,550-3,570/t (USD515-518/t) EXW D/P, down by RMB20/t (USD3/t) from late last week. Upon weakening prices of raw materials and limited demand from downstream clients, prices of cast iron would go down further in the coming week.
