Chinese steel enterprises’ profits fall at faster rate in Jan-Oct

Thursday, 28 November 2019 14:16:46 (GMT+3)   |   Shanghai

In the January-October period this year, of the 41 industrial sectors in China, 30 witnessed year-on-year increases in gross profit, while 11 saw decreases in gross profit, as announced by China's National Bureau of Statistics (NBS). In the given period, the ferrous metal smelting and rolling sector recorded an aggregate gross profit of RMB 211.91 billion ($30.1 billion), declining by 44.2 percent year on year. The decrease rate was up 2.4 percentage points compared to that recorded in the January-September period this 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 gross profits of RMB 20.61 billion ($2.9 billion), RMB 117.94 billion ($16.8 billion) and RMB 45.11 billion ($6.4 billion), up 189.5 percent, 10.9 percent and 13.1 percent year on year, respectively.

In the given period, still high-priced iron ore exerted a negative impact on the performance of the steel smelting and rolling sector, though iron ore prices contributed to a good performance for the ferrous metals mining and dressing sector.

In the January-October period this year, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 5015.1 billion ($712.9 billion), down 2.9 percent year on year, up 0.8 percentage points compared the declining pace of 2.1 percent recorded for the January-September period.

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