Chinese domestic HR steel prices update on May 07

Echeng Steel BF 4 produces 334,000 tonnes of pig iron in Jan to Apr

Monday, 07 May 2012 According to major Chinese steelmaker Wuhan Iron and Steel Group, its subsidiary Echeng Iron and Steel Co produced 334,000 tonnes of pig iron in the January to April period of the current year, 20,000 tonnes more than the targeted volume. The average production cost for pig iron during the given period was CNY 2,820 per tonne hitting an all-time high.

Meishan Steel to own 8 million tonnes of capacity

It is reported that Meishan Steel’s No.5 blast furnace was put into firing on April 25, preparing for official production set on June 1 2012.

JMC Steel Group Completes Recapitalization and Purchase by Zekelman Family of Majority Stake From Th

Beachwood, OH – JMC Steel Group announced today that it has successfully completed the previously announced financing and sale transactions pursuant to which the Zekelman family has purchased a majority stake in JMC from Global alternative asset manager The Carlyle Group. Carlyle maintains a minority stake in JMC. Financial details were not disclosed. In addition to facilitating the change of control, the company’s new credit facilities give the company greater flexibility and enhance growth

Steel industry slump set to continue

Imported iron ore stocked in harbors remains at a high level, indicating the slump in demand for steel production in China, and the picture is unlikely to change this year, analysts said Wednesday.

Chinese addition of 50 million tonne capacity to depress market further

Reuters reported that the Chinese steel market, which has been subdued since late last year, reflecting tight credit conditions and continuing property curbs, is likely to come under further pressure as more capacities come on stream in 2012.