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Tel: (972) 602-1478
Fax: (972) 660-2845
tlee@firstexind.com

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News from the Import Industry

June 30, 2009

China's steel industry records first profit in seven months

After seven consecutive months of losses, China's iron and steel industry has recorded its first profit, according to the China Iron and Steel Association (CISA). Although industry insiders believe that this is the first sign of a turnaround, the industry recorded overall losses in the first five months of the year.

In May, China's 89 domestic medium and large-sized steel producers together realized 1.262 billion yuan in net profit, but more than 20 enterprises made losses to various degrees.

In April this year, China's medium and large-sized steel producers recorded losses of 1.87 billion yuan, while cumulative losses of the first four months reached almost 5.2 billion yuan. After adding the profit generated in May cumulative losses for the first five months stood at 3.94 billion yuan.

Stabilizing steel prices and continuing growth in market demand have prompted the turnaround for steel producers, the CISA said. The measures adopted by the central government to drive economic growth have gradually been put in place, steel demand has risen and investment, import and export and consumption have all increased.

In May this year, China's crude steel output reached 46.46 million tons, an increase of 0.6 percent year-on-year.

As of June 26, deformed steel bar is selling for an average 3,770 yuan per ton in China's 10 major cities, an increase of 221 yuan month-on-month. The average price of high-speed wire rod products is around 3,800 yuan per ton, an increase of 270 yuan month-on-month.

By People's Daily Online

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