China’s profits decline from Jan to April

China’s steel industry saw its profit fall further in the first four months 2013, mainly caused by declining market prices and over-production.

The monthly profits of the steel industry from January to April were RMB 1.3bn (US$211.7M), RMB 1bn ($162.7M), RMB 260M ($42.3M), and RMB 150M ($24.4M), respectively.

China’s steel industry has seen losses in the steel businesses for six consecutive quarters since April 2011, with the third quarter of last year losing RMB 16.5bn ($2.687bn), the highest figure among the six quarters.

Source: China Metals e-mail infochn@public.bta.net.cn