Xinjiang Kunyu Steel restarts rebar production
2024-03-21 08:04:03 [Print]
BEIJING (Asian Metal) 21 Mar 24 - Kunyu Iron and Steel Co. (Kunyu Steel), one of the major rebar producers in Xinjiang and a subsidiary of Shandong Shiheng Special Steel, restarted the production on March 15th with a daily output of about 3,000t.
"We resumed the production on March 15th after the suspension last November," said a source of the company, adding that they would produce about 50,000t this month. Besides, they have an inventory of about 30,000t in hand now, in line with last month.
With an annual production capacity of about two million tonnes of construction steel, Kunyu Steel produced around 800,000t last year and did not produce any materials in the first two months of 2024.
The mainstream prices of rebar HRB400E Φ18-20mm hovered at around RMB3,550/t (USD493/t) in Xinjiang on Wednesday, unchanged from Tuesday. Insiders expect Chinese rebar prices to go up in the coming days mainly supported by higher raw material prices and the price increase in futures market.
"We resumed the production on March 15th after the suspension last November," said a source of the company, adding that they would produce about 50,000t this month. Besides, they have an inventory of about 30,000t in hand now, in line with last month.
With an annual production capacity of about two million tonnes of construction steel, Kunyu Steel produced around 800,000t last year and did not produce any materials in the first two months of 2024.
The mainstream prices of rebar HRB400E Φ18-20mm hovered at around RMB3,550/t (USD493/t) in Xinjiang on Wednesday, unchanged from Tuesday. Insiders expect Chinese rebar prices to go up in the coming days mainly supported by higher raw material prices and the price increase in futures market.
