Strong exports from Taiyuan Steel in January-July

Strong exports from Taiyuan Steel in January-July

Taiyuan Steel, China's largest stainless steel producer, set a new company record for stainless steel exports during the first seven months of 2005. The company exported 56'000 tons of low carbon stainless steel and 13'000 tons of stainless steel in black finish for a total of 69'000 tons through January-July 2005. Taiyuan Steel plans to expand its stainless steel production capacity to 3 million tons in 2006. The total steel output of the company reached 4.63 million tons in 2004 with RMB 8.3 billion ($1 billion) revenue. Current local 304/No.1 stainless steel prices of Taiyuan Steel are around RMB 20'400-21'600/ton ($2'520-2'668/ton). Some of the thicker varieties of hot rolled sheets saw a week-on-week increase of RMB 300-400/ton.