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Chinese steel rebar futures dropped 3.5 percent in early trade morning adding to the 2 percent overnight drop on concerns that the country will abolish the mandatory winter shutdown requirement.
China's Steel Output Hits New Highs
Growth in China’s booming steel industry slowed in August, with output leveling off despite a sharp rebound in export orders, industry data showed on Friday.
Facing severe overcapacity, high levels of indebtedness and widespread losses, the Chinese government announced plans in late 2015 to support China’s steel sector, pledging to reduce 100 to 150 million tonnes of capacity between 2016 and 2020.
Chinese steel futures edged lower for an eighth session in a row on Friday, but prices were still on course for a fifth straight monthly increase thanks to Beijing’s war on smog that has tightened supply in the world’s top producer.
Q195 steel is Chinese steel grade of carbon structural steel, “Q” stands for Yield Strength, “195” means the Yield Strength is 195 Mpa, and Tensile Strength is 315 – 430 Mpa
China is poised to implement a 50pc winter pig iron production cut in fewer north China cities this year, although the restrictions may start on 1 October, 45 days earlier than it did in 2017.
Wire rods are the products with the smallest end face area, the longest length, and delivered in rolled type. Its production characteristics can be summarized as continuous, high speed, no twist, controlled cooling.
China steel mills shrug off anti-smog measures, push output to fourth straight record
China has extended the duration of production cuts for its steel industry during the winter heating season by two months this year - it will kick off on October 1 and end in March 31 next year in 28 cities in north China
Focus on precision parts manufacturers
