Lingyuan Steel to reduce construction steel output
2024-03-27 08:25:17 [Print]
BEIJING (Asian Metal) 27 Mar 24 - Lingyuan Iron and Steel Co. (Lingyuan Steel), one of the major construction steel producers in Liaoning, would cut the production to about 100,000t this month, said a source of the company.
"We would reduce the output of construction steel by about 30,000t MoM to around 100,000t in March because of the decreased supply of raw materials and the continuous price drop in previous weeks," explained the source. According to him, they have an inventory of around 10,000t in hand now, in line with last month.
With an annual production capacity of about 2.5 million tonnes of construction steel, Lingyuan Steel produced around 2.44 million tonnes last year and about 300,000t in Jan-Feb of this year.
The mainstream prices of rebar HRB400E Φ20mm from Lingyuan Steel hovered at about RMB3,520/t (USD488/t) in Beijing on Tuesday, down by RMB30/t (USD4/t) form Monday. Insiders expect Chinese rebar prices to slide further in the coming week on weak demand.
"We would reduce the output of construction steel by about 30,000t MoM to around 100,000t in March because of the decreased supply of raw materials and the continuous price drop in previous weeks," explained the source. According to him, they have an inventory of around 10,000t in hand now, in line with last month.
With an annual production capacity of about 2.5 million tonnes of construction steel, Lingyuan Steel produced around 2.44 million tonnes last year and about 300,000t in Jan-Feb of this year.
The mainstream prices of rebar HRB400E Φ20mm from Lingyuan Steel hovered at about RMB3,520/t (USD488/t) in Beijing on Tuesday, down by RMB30/t (USD4/t) form Monday. Insiders expect Chinese rebar prices to slide further in the coming week on weak demand.
