Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road
Industry

Chinese steel producers' profits decline 18 pct in Jan-May

July 08, 2019


Abstract : Chinese steel producers saw their profits fall 18.2 percent year on year in the first five months of 2019 as rising costs hurt earnings, an industry association official said Friday in Shanghai.

SHANGHAI, July 5 (Xinhua) -- Chinese steel producers saw their profits fall 18.2 percent year on year in the first five months of 2019 as rising costs hurt earnings, an industry association official said Friday in Shanghai.

Qu Xiuli, vice chairman of the China Iron and Steel Association (CISA), said the combined profits of CISA's member enterprises totaled 85.5 billion yuan (12.4 billion U.S. dollars) in the January-May period.

Qu told the China Steel Derivatives International Conference that the prices of imported iron ores would become more reasonable and the price gains in the first half of the year are not expected to continue in the second half.

Prices of imported iron ores have surged over 50 percent this year due to factors including stronger market demand, a mining disaster in Brazil and hurricanes in Australia. Market speculation may also play a role, Qu said.

China's crude steel output exceeded 400 million tonnes in the five months, up 10.2 percent year on year, Qu said.

Due to tougher environment protection rules and falling profit margins, the growth in steel output is expected to slow down while steel demand is also forecast to weaken, Qu said.

A rising supply of iron ores and weakening steel production are expected to bring down the iron ore prices to a reasonable range, Qu said.

Scan the QR code and push it to your mobile phone

Keyword: steel-industry china-economy

Reading:

China's mobile payments continue fast growth in Q1

China-Africa trade increases in Jan-May

Sci-tech innovation board to speed up A-share IPOs: PwC

Shanghai aims to have full 5G coverage by 2020

China's electronics information manufacturing reports higher revenue, shrinking profit in Jan-May

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial