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Chinese steelmakers’ profit drop sharply in first half due to surging iron ore prices, lower steel prices

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Chinese steelmakers post sharp drops in first-half profits due to surging iron ore prices, sliding steel prices and tighter production restrictions on factories in a fight against air pollution. Market watchers say that tougher production restrictions and weakening real estate and auto-making sectors will slow the demand for steel and iron ore, adding pressure on the prices of the commodity.

Guangdong-based Shaogang Songshan Steel projected a 45 per cent year-on-year drop in its net profit . . .

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