Panzhihua Gangcheng Group stops rebar production
2023-03-02 08:28:58 [Print]
BEIJING (Asian Metal) 2 Mar 23 - As one major rebar producer in Sichuan, Panzhihua Gangcheng Iron and Steel Group Co. (Panzhihua Gangcheng Group) halted production from March 1, with output decreased by about 1,500tpd.
"Discouraged by rising stocks and potential risks of losses, we decided to stop rebar production from March 1 and the output reduced by nearly 1,500tpd," said a source from the company, adding that they have an inventory of nearly 30,000t at present, up by 18,000t from one month ago. They planned preliminarily to resume production from March 11.
Panzhihua Gangcheng Group owns an annual production capacity of 800,000 tons for rebar. It witnessed an output of almost 380,000t in 2022, down from around 530,000t in 2021. It produced roughly 50,000t of rebar in the firstly two months of this year.
In Panzhihua, Sichuan, the mainstream prices of rebar HRB400E Φ18-25mm hovered at RMB3,900-3,950/t (USD565-572/t) on Wednesday, up by RMB20/t (USD3/t) from Tuesday. Given firm prices of raw materials but limited demand from downstream clients, rebar prices would level off in coming two days.
"Discouraged by rising stocks and potential risks of losses, we decided to stop rebar production from March 1 and the output reduced by nearly 1,500tpd," said a source from the company, adding that they have an inventory of nearly 30,000t at present, up by 18,000t from one month ago. They planned preliminarily to resume production from March 11.
Panzhihua Gangcheng Group owns an annual production capacity of 800,000 tons for rebar. It witnessed an output of almost 380,000t in 2022, down from around 530,000t in 2021. It produced roughly 50,000t of rebar in the firstly two months of this year.
In Panzhihua, Sichuan, the mainstream prices of rebar HRB400E Φ18-25mm hovered at RMB3,900-3,950/t (USD565-572/t) on Wednesday, up by RMB20/t (USD3/t) from Tuesday. Given firm prices of raw materials but limited demand from downstream clients, rebar prices would level off in coming two days.
