China's top steelmaker Baosteel has announced that it will suspend color coated steel exports in June and July 2008 to meet the country's internal demand mainly from regions hit by the earthquake.
Besides export suspension, Baosteel will also negotiate with domestic buyers to suspend shipments to August 2008.
It will also keep color coated steel price firm despite jumping production costs.
Baosteel official said "More color coated steel supply is BaoSteel’s biggest support to the quake hit regions. The steelmaker has signed supply contract of 38,000 tonnes with 10,000 tonnes put into production in advance.”
The released added that Chinese government has ordered to construct 1 million pre fabricated houses in Sichuan meet the needs of the quake survivors and Baosteel is responsible for the supply of color coated steel.
Baosteel decided to donate color coated sheet houses valuing CNY 50 million in the first lot after the earthquake which will consume 3000 tonnes of color coated steel.
