Xinjin Steel to cut HR strip production
2023-04-14 08:22:15 [Print]
BEIJING (Asian Metal) 14 Apr 23 - As a major producer of HR strip in Handan, Hebei province, Xinjin Iron and Steel Co. (Xinjin Steel) would reduce the output from about 150,000t last month to around 140,000t in April, disclosed a source of the company.
"Because of decreased orders, we would cut the production of HR strip by about 10,000t MoM to around 140,000t this month," said the source, adding that they have no spot materials in hand now, unchanged from last month.
With one HR strip production line of 1,250mm rolling mill, Xinjin Steel produces HR strip with the width of 900-1,260mm. Based on the annual production capacity of about five million tonnes, the company produced around 1.9 million tonnes of HR strip in 2022 and about 430,000t in the first quarter of 2023.
The mainstream prices of HR strip Q235 1,010mm*3.5mm*C from Xinjin Steel stood at about RMB4,080/t (USD593/t) D/P in warehouse Handan on Thursday, down by RMB20/t (USD3/t) compared with those on Wednesday. Insiders predict that Chinese HR strip prices would drop further in the coming week on weak demand.
"Because of decreased orders, we would cut the production of HR strip by about 10,000t MoM to around 140,000t this month," said the source, adding that they have no spot materials in hand now, unchanged from last month.
With one HR strip production line of 1,250mm rolling mill, Xinjin Steel produces HR strip with the width of 900-1,260mm. Based on the annual production capacity of about five million tonnes, the company produced around 1.9 million tonnes of HR strip in 2022 and about 430,000t in the first quarter of 2023.
The mainstream prices of HR strip Q235 1,010mm*3.5mm*C from Xinjin Steel stood at about RMB4,080/t (USD593/t) D/P in warehouse Handan on Thursday, down by RMB20/t (USD3/t) compared with those on Wednesday. Insiders predict that Chinese HR strip prices would drop further in the coming week on weak demand.
