China’s Tiangong International Co., Ltd., Jiangsu, is reportedly planning to produce 5,000 tons of Powder Metallurgy tool steels annually, as the domestic market continues to show rapid growth.
According to the Chinese website Steelclik, the annual demand for Powder Metallurgy tool steel in China is around 500 tons, growing at a rate of 30% to 40% per year. Currently, China is said to rely heavily on imports from producers in the US, Japan, Sweden and Russia.
Tiangong’s investment in related equipment will see a first phase production of around 2,000 tons, rising to 5,000 tons per year. Established in 1981, the company manufactures a wide range of high speed steels, die steels and cutting tools.