Jiyuan Steel to decrease rebar output
2024-03-15 08:20:06 [Print]
BEIJING (Asian Metal) 15 Mar 24 - Jiyuan Iron and Steel Co. (Jiyuan Steel), one of the major rebar producers in Henan, would reduce the production to around 40,000t in March, said a source of the company.
"We plan to cut the production of rebar from about 75,000t in February to around 40,000t in March due to decreased orders and the continuous price drop these days," explained the source. According to him, they have an inventory of about 30,000t in hand now, up from around 20,000t last month.
Based on the annual production capacity of about one million tonnes of rebar, Jiyuan Steel produced around 820,000t in 2023 and about 150,000t in Jan-Feb of 2024.
The mainstream prices of rebar HRB400E Φ20-22mm hovered at about RMB3,500/t (USD487/t) D/P in warehouse Zhengzhou on Thursday, down by RMB30/t (USD4/t) from Wednesday. Insiders predict that Chinese rebar prices would go down further in the coming week on weak demand and decreased raw material prices.
"We plan to cut the production of rebar from about 75,000t in February to around 40,000t in March due to decreased orders and the continuous price drop these days," explained the source. According to him, they have an inventory of about 30,000t in hand now, up from around 20,000t last month.
Based on the annual production capacity of about one million tonnes of rebar, Jiyuan Steel produced around 820,000t in 2023 and about 150,000t in Jan-Feb of 2024.
The mainstream prices of rebar HRB400E Φ20-22mm hovered at about RMB3,500/t (USD487/t) D/P in warehouse Zhengzhou on Thursday, down by RMB30/t (USD4/t) from Wednesday. Insiders predict that Chinese rebar prices would go down further in the coming week on weak demand and decreased raw material prices.
