15
Sep
09:45
Ningbo Steel purchases iron capacity from Hanggang Group
The board of China-listed Hangzhou Steel has approved its subsidiary Ningbo Steel to purchase 532,500 tonnes/year of iron capacity quota from its parent company, Hanggang Group, according to a stock exchange filing.
The transaction price has been set at CNY 164.54 million ($22.67m), Kallanish notes. This implies an average price for hot metal capacity at CNY 309 per tonne/year of quota.
Ningbo Steel plans to use the capacity for the transformation of the No.2 bla…
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