Xinsteel New Material to reduce NGO electrical steel production
2023-04-28 08:05:03 [Print]
BEIJING (Asian Metal) 28 Apr 23 - Jiangxi Xinsteel Nanfang New Material Co. (Xinsteel New Material), a major non-grain oriented electrical steel producer in South China, would reduce the output from about 100,000t this month to around 90,000t next month.
"We might just produce about 90,000t of NGO electrical steel in May due to decreased orders, down by around 10,000t month on month," said a sales official of the company, adding that they still have zero stock in hand at present, the same as last month.
Located in Xinyu, Jiangxi province and based on the annual production capacity of about 1.2 million tonnes, Xinsteel New Material produces NGO electrical steel with grades of 250-1,300. The company produced around 230,000t of NGO electrical steel in Q1 of this year and about 850,000t in 2022.
The present mainstream prices of NGO electrical steel 50ZW800 0.5mm*1,200mm*C from Xinsteel New Material stand at about RMB5,200/t (USD752/t) D/P in warehouse Foshan, down by RMB100/t (USD14/t) from last week. Insiders predict that Chinese NGO electrical steel prices would go down further in the coming week on weak demand from downstream industries.
"We might just produce about 90,000t of NGO electrical steel in May due to decreased orders, down by around 10,000t month on month," said a sales official of the company, adding that they still have zero stock in hand at present, the same as last month.
Located in Xinyu, Jiangxi province and based on the annual production capacity of about 1.2 million tonnes, Xinsteel New Material produces NGO electrical steel with grades of 250-1,300. The company produced around 230,000t of NGO electrical steel in Q1 of this year and about 850,000t in 2022.
The present mainstream prices of NGO electrical steel 50ZW800 0.5mm*1,200mm*C from Xinsteel New Material stand at about RMB5,200/t (USD752/t) D/P in warehouse Foshan, down by RMB100/t (USD14/t) from last week. Insiders predict that Chinese NGO electrical steel prices would go down further in the coming week on weak demand from downstream industries.
