Echeng Steel to increase construction steel output
2024-04-18 08:19:38 [Print]
BEIJING (Asian Metal) 18 Apr 24 - Baowu Group Echeng Iron and Steel Co. (Echeng Steel), one of the major construction steel producers in Hubei, would expand the production by about 40,000t MoM to around 290,000t in April.
"We would raise the output of construction steel by around 40,000t MoM to about 290,000t this month due to the increased raw material supply," said a source of the company, who told they have an inventory of about 90,000t in hand at present, down from almost 160,000t last month.
Based on three construction steel production lines and the annual production capacity of about four million tonnes, Echeng Steel produced around three million tonnes in 2023 and about 760,000t in Q1 of this year.
The mainstream prices of rebar HRB400E Φ20mm from Echeng Steel hovered at around RMB3,600/t (USD497/t) in Wuhan on Wednesday, up by RMB20/t (USD3/t) from Tuesday. Insiders predict that Chinese construction steel prices might go down slightly in the coming week on weak demand.
"We would raise the output of construction steel by around 40,000t MoM to about 290,000t this month due to the increased raw material supply," said a source of the company, who told they have an inventory of about 90,000t in hand at present, down from almost 160,000t last month.
Based on three construction steel production lines and the annual production capacity of about four million tonnes, Echeng Steel produced around three million tonnes in 2023 and about 760,000t in Q1 of this year.
The mainstream prices of rebar HRB400E Φ20mm from Echeng Steel hovered at around RMB3,600/t (USD497/t) in Wuhan on Wednesday, up by RMB20/t (USD3/t) from Tuesday. Insiders predict that Chinese construction steel prices might go down slightly in the coming week on weak demand.
