China: Baosteel To Invest on Higher Grade Steel Plant to meet Demand for Energy Vehicles
China’s major steelmaker Baosteel is planning to invest in a new production line for the non-oriented silicon steel manufacturing base in its Baoshan province over increased demand for higher-end products used in energy vehicles.
The current annual production capacity of non-oriented silicon steel stands at 2.8 MnT which includes 0.4 MnT of high-grade products.
The estimated cost for the project is evaluated at RMB 2.4 billion and expected to be completed by the year 2023.
Thus new oriented silicon products can be used in generators and rotating electrical machines and to drive motors in new energy vehicles.
Meanwhile in the previous year Baosteel had already sold 0.6 MnT of non-oriented silicon steel to the new energy vehicle market and occupied 60% of share in the domestic market. Also, the company has started to deliver materials to Japanese Toyota in large quantities.
Thus, the company anticipates that the demand for high-grade steel which is used in new energy vehicles will increase by 0.1 MnT in CY19 and expected to touch 0.4 MnT by 2025.
source: SteelMint
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