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China’s steel sector profits rise again in July- The 19th China (Guangzhou) Int’l Plate metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
8/31/2017 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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Argus reported that China''s steel sector profits rose sharply in July, as tighter supplies and robust demand drove product prices higher. According to national statistics bureau data, July profits totaled 30.43 billion (USD 4.58 billion), up by 30.4% from CNY 24.81 billion in June, Total January to July profits increased by 101.5pc from a year earlier to CNY 162.48 billion.
Steel sector profit gained in June and July, despite this typically being a slow season as hot weather and rains slow construction activity. But steel demand remained strong during the period this year, as more real estate and infrastructure projects reach the construction stage.
Prices of rebar, a key semi-finished steel product, have risen by 25pc since 1 June.
Steel prices and profits are likely to be robust in September and October, the peak season for steel sales, as construction activity spikes ahead of the winter lull. Output restrictions and frequent inspections in north China in an attempt to curb emissions during the autumn and winter months will keep supply tight through the year.
Steel sector revenues rose by 22.6% in January to July to CNY 4.32 trillion.
Profit at China''s largest steel producer Baowu rose by 69.4% in January to June to CNY 6.17 billion. Operating profit rose by 59.4% to CNY 169.93 billion over the same period.
Baowu produced 23.33 million tonne of crude steel in January-June, but did not provide year-earlier figures. Strong demand and a sharp reduction in costs led to the higher profits.
金属板材展-线材展-金属加工展-2018第十九届广州国际金属板材展—全球三大金属展之一巨浪展览
-- The 19th China (Guangzhou) Int’l Plate
metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
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