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PrintHebei Iron and Steel Group announced that it has decided to further reduce its output by 10% to 20% which would last till the end of this year in a bid to stabilize the domestic market.
The decision came after HBIS's meeting last Thursday with its five units, namely Handan Iron and Steel Co Ltd, Tangshan Iron and Steel Co Ltd, Xuanhua Iron and Steel Group Co Ltd, Chengde Iron and Steel and Wuyang Iron and Steel.
The internal meeting also decided to cut the supply of steel products to Beijing and Tianjin and set a bottom price, requiring all the units to suspend or cut production if the market price falls below the bottom price.
Late last month, HBIS reached an agreement with three domestic rivals, namely Shougang Group, Anyang Iron and Steel Group and Shandong Iron and Steel Group to cut their output by a combined 20%, or 20 million tonnes based on the current output of the four groups, in an effort to boost the prices of steel products.
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