Chinese steelmakers plan to cut production to save steel market
According to the report, Chinese steelmakers in Shaanxi, Shanxi, Gansu and Sichuan provinces had reached an agreement at the meeting over the weekend to restrain production in order to support the steel prices.
Four steelmakers in Shanxi province revealed their future plans. Shanxi Liheng would cut half production by shutting down its two blast furnaces, nearly 6,000 tons of daily output being affected.
Shanxi Jianlong would apply 30% less of steel scrap to curtail production by 3,000 tons per day. Shanxi Jianbang would cut its production by around 30%, nearly daily output 3,000 tons by shutting down a 550m³ blast furnace. Shanxi Hongda would slash daily production volume by 1,500 tons.
