China Based HBIS Steel to Shut Down One Blast Furnace Till March - Sources

Market sources shared with SteelMint that Handan steel (under HBIS) is scheduled to maintain shut down in its No.5 blast furnace from Dec 31, 2018 to Mar 15,2019 while other furnaces will face capacity limit by 30%. At present,the company has 5 furnaces: 3*3200m3 and 2*2000m3. It is believed that such move will affect daily output of 15,000 MT.

HBIS is a leading Chinese steel manufacturer and has influence in domestic and export market.HBIS HANSTEEL has the overall production capacity of annual output of 13 MnT which cover productions like automobile, home appliances, construction, shipbuilding, transportation, aerospace, machinery, petrochemical and other fields of national economy.The company was established in 1958 is the core enterprise of HBIS Group and now has the total assets of 95.9 billion RMB yuan and 23 thousand workforce.

Thus shut down in blast furnace will cut excess capacities and will show its affect in domestic steel prices in China.