Angang Xinyang Steel suspends construction steel production
2024-04-30 08:18:57 [Print]
BEIJING (Asian Metal) 30 Apr 24 - Angang Xinyang Iron and Steel Co. (Angang Xinyang Steel), one of the major construction steel producers in Henan, stopped the production of construction steel from the beginning of this month with a daily output decrease of about 4,000t.
"We suspended the production of construction steel early this month due to the insufficient supply of raw materials and might restart the production late next month," explains a source of the company, adding that currently they supply raw materials to produce other products with higher profits like HR strip. Besides, they have no spot materials in hand now, in line with last month.
Based on the annual production capacity of about 2.5 million tonnes of construction steel, Angang Xinyang Steel produced about 850,000t last year and around 280,000t in Q1 of 2024.
The mainstream prices of rebar HRB400 Φ18-20mm hovered at around RMB3,620/t (USD500/t) in warehouse Zhengzhou on Monday, unchanged from last weekend. Insiders expect Chinese rebar prices to go down after the May Day holiday on weak demand.
"We suspended the production of construction steel early this month due to the insufficient supply of raw materials and might restart the production late next month," explains a source of the company, adding that currently they supply raw materials to produce other products with higher profits like HR strip. Besides, they have no spot materials in hand now, in line with last month.
Based on the annual production capacity of about 2.5 million tonnes of construction steel, Angang Xinyang Steel produced about 850,000t last year and around 280,000t in Q1 of 2024.
The mainstream prices of rebar HRB400 Φ18-20mm hovered at around RMB3,620/t (USD500/t) in warehouse Zhengzhou on Monday, unchanged from last weekend. Insiders expect Chinese rebar prices to go down after the May Day holiday on weak demand.
