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Tisco to cut production to support prices
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With a combination of decrease in demand and a fall in nickel prices in mid-November, China's largest stainless steel maker, Taiyuan Iron and Steel (Tisco), has announced to cut its stainless steel production in December.
According to the company, the production target for 2007 will reduce by 250,000 tons to 2.05 million tons.
In fact, Asian major mills including Zhangjiagang Posco, Baoxin Stainless, Nippon Steel & Sumikin Stainless Steel (NSSC) have already lessened the production of standard austenitic and ferritic grades material to offset slower demand in recent months.
China's domestic stainless steel markets have weakened in the past several months, according to a market player. “Buyers are now adopting a ‘wait-and-see’ approach.” he added.
The three month price of nickel on the LME dropped to US$27,725/ton on Wednesday.
News Date
11/30/2007 10:30:02 AM
reported by
Alex Tsai
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