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Shandong Steelmakers to Cut Production by 400KT

Steel News - Published on Wed, 14 Aug 2019

Image Source: NPR
SMM reported that 6 major steelmakers in east China’s Shandong province on Tuesday agreed to cut production of steel building materials by a combined volume of 400,000 tonnes. This came after the decision of joint production curtailments across steelmakers in Shaanxi, Shanxi, Gansu and Sichuan, in a bid to prop up steel prices, as recent price declines have pushed mills to the verge of losses. SMM also learned that some steelmakers who adopt the blast furnace route in Hunan slashed production this week.

Details about the production cut plan remain unclear.

At the meeting, Shandong steelmakers also planned to gradually hike their ex-factory prices, given the spreads against prices in either the north or the south.

They will try to deplete existing inventories of highly-priced raw materials and consumables by using less steel scrap.

Source :

Posted By : Ratan Singh on Wed, 14 Aug 2019
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