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PrintIt is reported that Wuhan Iron & Steel Co Ltd has lately announced that its International Economic & Trading Cooperation plans to further reduce CNY 1.5 billion of purchasing costs in Q4 amid the falling steel and raw materials prices resulted from global financial crisis both at home and abroad.
The steel mill plans to cut the purchases of 60,000 tonnes of iron ore concentrate and 4,500 tonnes of high iron content powder in the last quarter on the premise of normal production, in addition to working down inventories. In October, the storages of ore concentrate and high iron powder have fallen below 0.15 million tonnes, cutting stocking costs by CNY 22 million.
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