China’s iron and steel industry has maintained solid growth momentum, posting notable rises in both operating income and profits from January to September. Statistics from the Ministry of Industry and Information Technology showed that the industry’s total main operating income surged up by 14% from the same period last year to CNY 5.66 trillion (USD 816.7 billion). The industry’s aggregate profit during the period amounted to CNY 358.7 billion, up 65.3% YoY. Large and medium-sized enterprises contributed CNY 3.06 trillion to the total operating income and CNY 230 billion to profits. The two figures marked a rise of 14.5 percent and 86 percent respectively.
By the end of September, the debt ratio of large and medium-sized enterprises dropped by 3.9 percentage points from a year earlier to 66.1 percent.
Thanks to the efforts in reducing overcapacity and the production ban on substandard steel, Chinese iron and steel producers have been able to sell their products abroad at better prices. From January to September, China exported steel products of 53.08 million tonnes, down 10.7% YoY, but their aggregate export value has risen 6.1 percent year on year to CNY 298.99 billion. The export price averaged CNY 5,633 per tonne, up 18.8% YoY. This year, China’s steel export was expected to stand around 70 million tonnes, said the ministry.
Source : XINHUA
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