The China Iron and Steel Association stated on July 2 that from January to May this year, the profits of Chinese steel manufacturing enterprises decreased by 56.9% compared with the same period of last year.
According to the China Iron and Steel Association, from January to May this year, the decline in the profits of Chinese steel companies continued to expand over the previous four months. From January to April, the profits of steel companies decreased 49.5% from the same period last year to RMB 39.5 billion (6.2 billion). USD).
According to the “Economic Information Daily†quoted the association’s unnamed officials as saying on the 1st, the profits of Chinese large and medium-sized steel enterprises fell by 21.7% in May to RMB 1.4 billion.
According to the newspaper, under the condition that the profit margin is already meagre and the downstream industry's demand is weak, the reduction in steel company profits is largely due to the drop in steel prices and the increase in raw material costs.
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