China's Hunan Province-based Xiangtan Iron and Steel Group has signed a long-term supply contract with South Korea's Hyundai Heavy Industries (HHI) for shipbuilding plate.
The contract will ensure that Xiangtan Steel has a long-term customer in the global shipbuilding industry. Besides, it will be a good reference for the company in its expansion of its overseas sales.
The quantity and price in question for the contract have not yet been disclosed.
The total shipbuilding plate supply received by Hyundai Heavy Industries from China in 2007 is expected to be in the range of 680,000-730,000 mt, up sharply from 450,000 mt in 2006.