South Korean steelmaker Hyundai Steel plans to suspend rebar production at its Incheon plant for one month starting on April 1 due to lower demand resulting from the slowdown in the construction industry, according to media reports. The suspension is aimed at helping the long steel market to stabilize by easing the oversupply of rebar in the market.
This is the first time the Incheon plant will be fully shut down for a month. The company had temporarily halted the plant in January for almost half a month, as SteelOrbis previously reported.
The Incheon plant has an annual production capacity of 1.5 million mt of rebar.