Panzhihua Gangcheng Group to cut rebar production
2023-04-27 08:27:54 [Print]
BEIJING (Asian Metal) 27 Apr 23 - As one major rebar producer in Sichuan, Panzhihua Gangcheng Iron and Steel Group Co. (Panzhihua Gangcheng Group) plans to produce about 15,000t of rebar in May, down from 35,000t in April.
"Due to the deficit by producing rebar, we began to reduce production from late April and would do that in May. We plan to reduce rebar output by around 20,000t from 35,000t in April to 15,000t in May," said a source from the company, adding that most steel mills in Southwest China slash production to prevent rebar prices from falling further.
Panzhihua Gangcheng Group owns an annual production capacity of 800,000 tons for rebar. It recorded an output of roughly 380,000t in 2022 and about 110,000t so far this year. It holds an inventory of around 32,000t, up by 2,000t from one week ago.
In Panzhihua, Sichuan, the mainstream prices of rebar HRB400E Φ18-25mm hovered at RMB3,700-3,750/t (USD535-542/t) on Wednesday, similar to Tuesday. Upon reduced supply and high stock from steel mills, rebar prices would level off in coming two days.
"Due to the deficit by producing rebar, we began to reduce production from late April and would do that in May. We plan to reduce rebar output by around 20,000t from 35,000t in April to 15,000t in May," said a source from the company, adding that most steel mills in Southwest China slash production to prevent rebar prices from falling further.
Panzhihua Gangcheng Group owns an annual production capacity of 800,000 tons for rebar. It recorded an output of roughly 380,000t in 2022 and about 110,000t so far this year. It holds an inventory of around 32,000t, up by 2,000t from one week ago.
In Panzhihua, Sichuan, the mainstream prices of rebar HRB400E Φ18-25mm hovered at RMB3,700-3,750/t (USD535-542/t) on Wednesday, similar to Tuesday. Upon reduced supply and high stock from steel mills, rebar prices would level off in coming two days.
