China's two largest steel mills said their net profit rose in the third quarter as rising steel prices this year eased troubles for the world's largest producer.
HeSteel Co. expects to see net income at the highest level since 2010 amid rising prices. According to the company's statement, net income will be 453.7 million yuan ($ 67 million) from 150.5 million yuan a year earlier. Angang Steel Co. expects a profit of about 677 million yuan after a loss of 1.03 billion yuan a year earlier.
Steel prices jumped as China returned from weeklong public holidays in early October. Strong domestic demand has diverted steel from export markets and provided higher levels of iron ore imports.
Global steel consumption is set to rise 0.8 percent this year. The World Steel Association said this week that it raised its earlier forecast from 0.5 percent after the Chinese market rebounded.
China's top steelmakers capitalize on rising steel prices
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Azovpromstal® 15 October 2016 г. 15:54 |
