Chinese ferrous metal smelting and rolling sector’s profit up 387.6% in Q1

Wednesday, 28 April 2021 16:56:01 (GMT+3)   |   Istanbul

In the January-March period of the current year, of the 41 industrial sectors in China, 39 witnessed year-on-year increases in gross profit, while one saw a slower decrease in gross profit and one saw a shift from loss to profit, as announced by China's National Bureau of Statistics (NBS). In the given period, the ferrous metal smelting and rolling sector recorded gross profits of RMB 87.14 billion ($13.4 billion), rising by 387.6 percent year on year.

The automotive sector in China recorded an aggregate gross profit of RMB 132.08 billion ($20.3 billion) in the given period, up 843.4 percent year on year.

At the same time, the ferrous metals mining and dressing sector, the metal manufacturing sector and the railway, shipping, aerospace and other transportation equipment manufacturing sector recorded respective gross profits of RMB 14.35 billion ($2.2 billion), RMB 36.6 billion ($5.6 billion) and RMB 10.31 billion ($1.6 billion), up 780.4 percent, up 116.7 percent and 72.4 percent year on year, respectively.

In the January-March period, the overall industrial raw material segment saw its profit rise by 4.34-fold, 88.4 percentage points faster than in the first two months this year amid increasing commodity prices and continuously improving demand. 

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