Bayi Steel to further cut construction steel production
2024-04-19 08:24:21 [Print]
BEIJING (Asian Metal) 19 Apr 24 - As the largest construction steel producer in Xinjiang, Baowu Group Bayi Iron and Steel Co. (Bayi Steel) would further reduce the output to around 260,000t in April.
"We would further cut the production of construction steel by about 10,000t MoM to around 260,000t this month due to the high stock and insufficient raw material supply," said a source of the company, adding that they produced about 290,000t in February. According to him, they have an inventory of about 300,000t in hand now, down from around 310,000t last month.
Based on the total annual production capacity of about five million tonnes of construction steel in three production bases, the company witnessed an output of around 3.66 million tonnes in 2023 and produced about 820,000t in the first quarter of this year.
The mainstream prices of rebar HRB400E Φ20mm from Bayi Steel rose to about RMB3,720/t (USD514/t) in Xinjiang on Thursday, up by RMB20/t (USD3/t) from Wednesday. Insiders predict that Chinese construction steel prices might go down in the coming week on weak demand.
"We would further cut the production of construction steel by about 10,000t MoM to around 260,000t this month due to the high stock and insufficient raw material supply," said a source of the company, adding that they produced about 290,000t in February. According to him, they have an inventory of about 300,000t in hand now, down from around 310,000t last month.
Based on the total annual production capacity of about five million tonnes of construction steel in three production bases, the company witnessed an output of around 3.66 million tonnes in 2023 and produced about 820,000t in the first quarter of this year.
The mainstream prices of rebar HRB400E Φ20mm from Bayi Steel rose to about RMB3,720/t (USD514/t) in Xinjiang on Thursday, up by RMB20/t (USD3/t) from Wednesday. Insiders predict that Chinese construction steel prices might go down in the coming week on weak demand.
