China’s steelmakers see profits plunge 50% in Q1 as coronavirus hurt demand

chinese steel

THE WIRE - Up-to-the-minute news updates walk you through every trading day!

Chinese steelmakers posted a 50 per cent drop in first-quarter profits, with inventory hitting a record high in March, as the coronavirus pandemic hurt domestic demand and exports. The industry body warns exports will decline further as the virus spreads globally.

First-quarter profits generated by members of the China Iron and Steel Association (CISA), mostly state-owned enterprises, slumped 50.8 per cent from a year earlier to 18.3 billion yuan and their revenue fell 5.6 per cent to 891.6 billion yuan during the period, shows data released by the association on . . .




Stop Googling for China market information. Yuan Talks put all market-moving news in one place. You will never again be left in the dark when market moves. Start your FIVE-DAY FREE TRIAL today!


Try For Free

Cancel anytime before the free trial ends and you won't be charged.