On August 17, Hebei Province-based Chengde Xinxin Vanadium and Titanium issued its report for the first six months of the current year, announcing the H1 sales revenues of RMB 7.106 billion ($1.04 billion), down 9.44 percent year on year. Meanwhile, the company suffered a net loss of RMB 95.99 million ($14.05 million) for the period in question, down 141 percent from the net profit of RMB 233 million in the first half of 2008.
During the period in question, market demand remained slack in both domestic and international steel industries, thus resulting in the reduced demand for the vanadium industry. Moreover, against the low price levels of steel products as well as the steady price movement of fine ore, coke, coal, and other raw materials, it became very difficult for the company to control the costs and make a profit.