Chinese steel mills reported lower profits in the first seven months of this year due to higher raw material prices.
Enterprises that are members of the China Iron and Steel Industry Association generated about $ 339 billion in sales revenue during this period, an increase of 9.75%, while profits fell 23.93% year-on-year to 123.582 billion yuan. CISA associates the fall in profits with the rise in commodity prices. During this period, purchasing costs for iron ore in the domestic market increased by 19.88% YoY, and for imports - by 29.13%.
Industrial giant Baoshan Iron & Steel saw net profit of more than 38% year on year in the first half of this year.
Rising raw material costs lower profits for Chinese steelmakers
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Azovpromstal® 3 September 2019 г. 11:35 |
