Handan Steel suspends rebar production
2024-03-20 08:26:57 [Print]
BEIJING (Asian Metal) 20 Mar 24 - Handan Iron and Steel Co. (Handan Steel), a subsidiary of HBIS and a major rebar producer in Hebei, stopped the production of rebar at the beginning of this month with a daily output reduction of about 200t.
"Because of weak demand and the continuous price decrease, we suspended the production of rebar early this month and would not restart the production before April," said a source of the company, adding that they produced about 3,000t in February. In addition, they still have zero stock in hand now, unchanged from last month.
Based on two rebar production lines and the annual production capacity of about two million tonnes, Handan Steel produced around 50,000t last year and about 7,000t in the first two months of this year.
The mainstream prices of rebar HRB400E Φ20mm remained at about RMB3,430/t (USD476/t) in warehouse Handan on Tuesday, similar to those on Monday. Insiders predict that Chinese rebar prices would go down in the coming week on soft demand and decreased raw material prices.
"Because of weak demand and the continuous price decrease, we suspended the production of rebar early this month and would not restart the production before April," said a source of the company, adding that they produced about 3,000t in February. In addition, they still have zero stock in hand now, unchanged from last month.
Based on two rebar production lines and the annual production capacity of about two million tonnes, Handan Steel produced around 50,000t last year and about 7,000t in the first two months of this year.
The mainstream prices of rebar HRB400E Φ20mm remained at about RMB3,430/t (USD476/t) in warehouse Handan on Tuesday, similar to those on Monday. Insiders predict that Chinese rebar prices would go down in the coming week on soft demand and decreased raw material prices.
