Baosteel Signs Financial Cooperation Pact

Baosteel and the Bank of China signed a strategic cooperation treaty, setting aside 80 billion yuan for a wide range of business including their go global projects.

Steel mills in the Wuan area of Hebei began to restore production from September 27 after 20-odd days' shutdown, although the policy of cutting electricity supplies by 30 percent to 50 percent remains in place, at least until the end of this year.

Given the autumn construction boom, some mills with power stations of their own have increased their output

In the Tangshan area, another major steel-producing base thus subject to extraordinary production restraints, more than 95 percent of mills have returned to their normal production.

As a result, rebar futures closed at 4,258 yuan per ton on September 27, a decrease of 6.36 percent from the previous peak level of 4,547 yuan.

On September 26, the average price of rebar in 24 cities fell by 12 yuan from the previous day, to 4,303 yuan per ton.