Chinese steel industry sees sharp decline in profitability in Jan-Sept

Thursday, 24 October 2019 11:56:25 (GMT+3)   |   Shanghai
       

In the first three quarters this year, China’s steel industry has faced problems of rapid increases in steel output and sharp declines in profit, the Chinese Ministry of Industry and Information Technology (MIIT) has stated.

The average composite steel price index (CSPI) stood at 108.9 points in the first three quarters, down 6.6 percent year on year. In particular, in the given period the average long product index and flat product index stood at 115.0 and 105.0 points, down 5.4 percent and 8.9 percent, respectively, showing a better performance in long products than in flat products.

The China Iron Ore Price Index (CIOPI) was 317.27 points as of October 21, down 2.02 points month on month, while decreasing by 25.6 percent from the highest level recorded in this year.

Meanwhile, the MIIT stated that in the January-August period this year China’s steel industry registered an operating revenue of RMB 5.58 trillion (0.79 trillion), up 8.9 percent year on year, while posting a gross profit of RMB 225.99 billion ($31.9 billion) for the given period, down 24.7 percent year on year. 


Similar articles

Ex-Asia slab prices differ depending on destination, more declines expected

28 Mar | Flats and Slab

Chinese HDG export prices mainly stable, with negative bias in some offers

28 Mar | Flats and Slab

No halt to downtrend in SE Asia’s import billet market, more traders going short

28 Mar | Longs and Billet

Local coke prices in China fall again, decline likely to halt next week

22 Mar | Scrap & Raw Materials

Chinese HDG export prices fall slightly, but local market improves

21 Mar | Flats and Slab

Vietnam’s Formosa cuts HRC prices again in March as gap with China remains big

19 Mar | Flats and Slab

Chinese HDG export prices decline amid fall in local and futures prices

14 Mar | Flats and Slab

Ex-Asia wire rod prices fall, market awaits more output cuts in China to slow downtrend

14 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 14, 2024

14 Mar | Longs and Billet

Vietnam’s Formosa cuts local HRC prices less than expected as import prices dip sharply again

13 Mar | Flats and Slab