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.