Shandong Yuxin Casting stops S.G. cast iron production
2023-04-13 18:34:18 [Print]
BEIJING (Asian Metal) 14 Apr 23 - As one of major S.G. cast iron producers in East China, Shandong Yuxin Casting Co. (Shandong Yuxin Casting) halted production last week, with output reduced by nearly 600tpd.
"Due to the weak demand from clients and our rising pressure from huge stocks, we decided to suspend production last week," said a source from the company, adding that prices of S.G. cast iron totally declined by nearly RMB300/t (USD44/t) in recent one month discouraged by weak demand from downstream clients. In addition, the company has an inventory of nearly 50,000t at present, up by 10,000t from one month ago. It has no plan to resume production in the coming one month.
Shandong Yuxin Casting has one 206 cubic meter of blast furnace and owns an annual production of 220,000t for iron. It recorded an output of almost 90,000t in 2022 and roughly 35,000t so far this year.
On Thursday, the mainstream prices of S.G. cast iron Q10 hovered at RMB3,600-3,650/t (USD524-531/t) EXW D/P in Shandong, down by RMB20/t (USD3/t) from Wednesday. Given falling prices of raw materials and weak demand from foundries, S.G. cast iron prices would edge down further in the coming week.
"Due to the weak demand from clients and our rising pressure from huge stocks, we decided to suspend production last week," said a source from the company, adding that prices of S.G. cast iron totally declined by nearly RMB300/t (USD44/t) in recent one month discouraged by weak demand from downstream clients. In addition, the company has an inventory of nearly 50,000t at present, up by 10,000t from one month ago. It has no plan to resume production in the coming one month.
Shandong Yuxin Casting has one 206 cubic meter of blast furnace and owns an annual production of 220,000t for iron. It recorded an output of almost 90,000t in 2022 and roughly 35,000t so far this year.
On Thursday, the mainstream prices of S.G. cast iron Q10 hovered at RMB3,600-3,650/t (USD524-531/t) EXW D/P in Shandong, down by RMB20/t (USD3/t) from Wednesday. Given falling prices of raw materials and weak demand from foundries, S.G. cast iron prices would edge down further in the coming week.
