Major Chinese steelmakers see profits rise 61% in January-October

China’s major mills posted a 61% year-on-year increase in combined profits over the first ten months of 2014, thanks to falling iron ore costs.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Members of the China Iron & Steel Assn (Cisa), which are mainly medium-sized and large steelmakers, recorded a profit of 22.656 billion yuan ($3.68 billion) in January-October, compared with 14.043 billion yuan ($2.28) over the same period a year ago.

This was disclosed by Li Xinchuang, Cisa’s deputy secretary-general, at a conference on Saturday December 6.

The steep fall in iron ore prices contributed to the improved profitability, he said.

Metal Bulletin’s index for 62% Fe seaborne iron ore averaged at $102.05 per tonne cfr China during January-October of this year, down nearly 25% from an average price of $135.85 over the same period of last year.

What to read next
Fastmarkets proposes to extend the shipment window of its alumina index inferred, fob Brazil, to allow for greater inclusion of reported liquidity, and to increase the frequency of publication to weekly.
Following a month-long consultation period, Fastmarkets has amended the methodology for the bi-weekly assessment of the aluminium P1020A main Japanese ports (MJP) spot premium, to include domestic tenders and deals from the Japanese market.
Fastmarkets proposes to discontinue its ferrous scrap consumer buying price for cast iron borings in Pittsburgh due to a lack of liquidity.
Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap No1 busheling in Cincinnati and Pittsburgh, effective from the May 2023 monthly settlement.
A drive by electric vehicle (EV) manufacturers to improve the affordability of their cars may upend an expectation by some market observers that future EV dominance of automotive production will sharply reduce demand for special bar quality (SBQ) steel
The publication of Fastmarkets’ US rebar prices took place earlier than scheduled on Wednesday March 22 due to a reviewer error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed