CISA members’ gross profit improves in June, down 36.4 percent in H1

CISA members’ gross profit improves in June, down 36.4 percent in H1

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According to a press release issued by the China Iron and Steel Association (CISA), Chinese crude steel output increased by 1.4 percent year on year in the January-June period this year, while steel inventory levels in China moved down by 36.2 percent as of the end of June compared to the end of March, with the decrease in Chinese steelmakers’ profitability was slower in the first half of the year as compared to the first five months of the year, reflecting an improvement in June.

As stated by the CISA, in the January-June period this year China’s crude steel output amounted to 499.01 million mt, up 1.4 percent year on year. Average import iron ore prices increased to $100.77/mt in June this year, up 10.0 percent month on month, while average steel prices rose by 1.7 percent month on month in the given month.

In the January-June period, CISA-member steelmakers registered an overall sales revenue of RMB 2.09 trillion ($0.3 trillion), up 1.18 percent year on year, while posting an overall gross profit of RMB 68.67 billion ($9.8 billion) in the given period, down 36.4 percent year on year.

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