In January-May of this year, the ferrous metals smelting and rolling sector in China recorded a gross profit of 18.17 billion yuan ($2.7 billion), down 37.4% from the same period last year, as announced by the National Bureau of Statistics of China (NBS) on June 27.
The gross profit of the automotive sector in the first five months amounted to 143.95 billion yuan ($21.1 billion), which is 19.8% less than last year.
At the same time, the ferrous metals mining and processing sector, the metalworking sector, and the railway, shipping, aerospace, and other transportation equipment manufacturing sector recorded gross profits of 20.83 billion yuan ($3.1 billion), 49.6 billion yuan ($7.3 billion), and 54.92 billion yuan ($8.1 billion) in January-May. this year, an increase of 15.9%, a decrease of 12.4% and an increase of 5.2% year-on-year, respectively.
In the first four months of this year, the ferrous metals smelting and rolling sector in China recorded a gross profit of 7.58 billion yuan ($1.1 billion) compared with 18.17 billion yuan in the first five months, indicating an improvement in the operating performance of the steel industry. However, China's ferrous metals smelting and rolling sector still saw an annualized decline of 37.4 percent in the first five months.
The slowdown in the annual decline in the smelting and rolling of ferrous metals in China in the first five months marked a definite improvement in demand for
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