Bayi Steel to hike construction steel output
2023-04-26 08:25:21 [Print]
BEIJING (Asian Metal) 26 Apr 23 - As the biggest construction steel producer in Xinjiang, Baowu Group Bayi Iron and Steel Co. (Bayi Steel) estimated that its output would reach about 430,000t in April, up from 360,000t in March.
"As the demand for construction steel continues to grow in the traditional high season, we decided to increase construction steel output by around 19.4% MoM to 430,000t in April," said a source from the company, adding that they could produce nearly 450,000t of construction steel per month when production lines ran with full capacity.
Bayi Steel's production capacity for construction steel reaches 5.0 million tons in three production bases. It produced almost 3.16 million tons of construction steel in 2022 and nearly 910,000t of the material in the Q1 of this year. It has an inventory of roughly 210,000t currently.
In Xinjiang, the mainstream prices of rebar HRB400E Φ20mm and coiled rebar HRB400E Φ8mm stood at around RMB3,850/t (USD557/t) and RMB4,000/t (USD579/t) respectively on Tuesday, both in line with Monday. As some steel mills tried to prevent prices from falling further by cutting production, while most participants showed bearish sentiment. Construction steel prices would level off in coming two days.
"As the demand for construction steel continues to grow in the traditional high season, we decided to increase construction steel output by around 19.4% MoM to 430,000t in April," said a source from the company, adding that they could produce nearly 450,000t of construction steel per month when production lines ran with full capacity.
Bayi Steel's production capacity for construction steel reaches 5.0 million tons in three production bases. It produced almost 3.16 million tons of construction steel in 2022 and nearly 910,000t of the material in the Q1 of this year. It has an inventory of roughly 210,000t currently.
In Xinjiang, the mainstream prices of rebar HRB400E Φ20mm and coiled rebar HRB400E Φ8mm stood at around RMB3,850/t (USD557/t) and RMB4,000/t (USD579/t) respectively on Tuesday, both in line with Monday. As some steel mills tried to prevent prices from falling further by cutting production, while most participants showed bearish sentiment. Construction steel prices would level off in coming two days.
