The nation's largest steelmaker China Baowu Steel Group announced on Friday that it will acquire a 51 percent stake in Taiyuan Iron & Steel (Group) Co Ltd (TISCO) as part of its efforts to become a global steel leader with an annual output of 100 million tons.
China Baowu was formed in December 2016 following the merger of Shanghai-based Baosteel Group and Wuhan Iron & Steel Group in Central China's Hubei province. It is the nation's most competitive steel maker with production of 95.46 million tons in 2019.
Shanxi-based TISCO, which has an annual capacity of 12.94 million tons, is a global leader in stainless steel.
The deal needs further approval from the State-owned Assets Supervision and Administration Commission of the State Council, according to China Baowu.
The company added that the deal is in line with the nation's initiative to promote supply-side reform and speed up the merger and reorganization of excess capacity.
| Index | RMB/t | DoD | Basis | Date |
|---|---|---|---|---|
| Datong 5500 | 700 | 0 | ex-mine | 05-04 |
| Shuozhou 5200 | 680 | 0 | FOR | 05-04 |
| Ordos 5500 | 700 | 0 | ex-mine | 05-04 |
| Yulin 6200 | 780 | 0 | ex-mine | 05-04 |
| Liulin Low-sulphur | 900 | 0 | ex-mine | 05-04 |
| Gujiao Low-sulphur | 1770 | -50 | FOR | 05-04 |
| Xingtai Low-sulphur | 2360 | 0 | ex-Factory | 05-04 |
| Yangquan PCI | 1280 | -30 | FOR | 05-04 |
| Index | RMB/t | WoW | WoW% | Date |
|---|---|---|---|---|
| Qinhuangdao | 507.0 | 1.0 | 0.20 | 05-04 |
| Caofeidian | 541.0 | 9.0 | 1.69 | 05-04 |
| Huanghua | 216.9 | 12.4 | 6.06 | 05-04 |
| Guangzhou | 291.2 | 3.0 | 1.04 | 04-27 |
| coastal 6PPs | 1629.8 | 44.7 | 2.82 | 07-02 |
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