Changshu-based Chinese steelmaker Sutor Technology Group Limited (Sutor) announced on March 10 that it has signed four annual supply contracts for the delivery of approximately 52,000 mt of processed steel products worth $40 million based on current market prices. The contracts are for one year beginning from March and the products sold through the contracts will be priced in the market at the time of shipment.
According to a company press release, the contracts are with long-term customers Shandong Sangle, a leading solar water heater manufacturer in China, and three steel distributors located in eastern and southern China. Under the contracts, Sutor will supply approximately 10,000 mt of pre-painted galvanized steel to Shandong Sangle and 42,000 mt of hot dipped galvanized steel to the three steel distributors.