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Steel Industry Profitability Drops to Record Low, 25 Companies See Losses

|Includes: CDC Corporation (CHINA), NEWS
Source: ChinaScope Financial (Data), Beijing News
+  Data from the CISA shows that 25 steel companies, from a total of 77, saw losses in October’s profits. Profit margin of industrial sales was only at 0.47% and profit was at 1.37 billion yuan, down 82.6% MoM.
+  The main factor in the profit decline is the increase in iron ore price. The average CIF price of imported iron ore in China was $166.66 per ton from Jan-Oct of this year, up 34.33% YoY; import was counted at 557.93 million tons, up 10.86% YoY.