China’s iron and steel industry posted profits of RMB 235.2bn (US$36.9bn) for the first 9 months this year, up 32.3% year on year, according to a report posted on the website of the NDRC.
But, China’s 77 key steelmakers made profits of RMB 1.375bn ($215.7M) in October , down RMB 6.52 bn ($1.23), or 82.59% from September, hitting the lowest, according to CISA.
Meanwhile, nine in the 77 key steel producers suffered losses in September and 25 making losses totalling RMB 2.125bn ($333.2M) in October.
Even although the Shanghai Baosteel Group Corp and Inner Mongolia Baotou Steel Union Co, Ltd topped the list of profitability, their profits only stood at RMB 352M ($55.2M) and RMB 322M, ($50.5M) respectively, in October.
Steelmakers had to pay additional US$23.762bn, (RMB 154.453bn) for the iron ore imports in the first 10 months compared with the same period of last year. The extra expenditure was twice as much as the profits of the country’s key steelmakers in that period.
Source: China Metals e-mail email@example.com