Chinese state-owned shipbuilding conglomerate China State Shipbuilding Corporation (CSSC) has signed an agreement with Chongqing-based Chinese steelmaker Chongqing Iron and Steel (Group) Co. for the purchase of 1 million mt of shipbuilding steel in 2013 for approximately RMB 10 billion ($ 1.6 billion).
Currently, CSSC purchases around 2 million mt of shipbuilding steel per year, buying 960,000 mt from Chongqing Steel Group in the January-November period of the current year, with Chongqing Steel expected to supply over 50 percent of CSSC’s total annual shipbuilding steel purchases this year.
In the first 11 months of the year, the shipbuilding steel output of Chongqing Steel Group amounted to 1.7995 million mt, constituting the largest output in the domestic shipbuilding steel sector in the given period.