SHANGHAI, Oct 22 (SMM) – Hongwang Group has put a project that can produce 700,000 mt of high-quality cold-rolled stainless steel a year in Yangjiang, Guangdong province, into trial operation.
The Guangdong-based company said the ceremony for the commissioning of the project will take place on October 26.
Construction for Hongwang’s new project which is designed to produce a maximum of 500,000 mt of cold-rolled stainless steel plates a year will begin on the same day.
The commissioning of the project is set to bolster overall stainless steel supply, and weigh on prices on the backdrop of weaker raw materials prices, sluggish demand and high inventories.
SMM assessed prices of 304/2B stainless steel coil raw edge at Foshan at 15,500 yuan/mt as of Tuesday October 22. The prices have fallen for three consecutive days.
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