Profits of China’s steel companies up in H1 2021
In the first six months of the current year, Chinese steelmakers which are members of the China Iron and Steel Association (CISA) posted an aggregate gross profit of RMB 226.8 billion ($35.1 billion), up 2.2-fold year on year, as stated by Shen Bin, chairman of the CISA.
In the first half this year, CISA-member steelmakers registered an overall sales revenue of RMB 3,459.3 trillion ($535.5 billion), up 51.5 percent year on year.
In the first half this year, China’s pig iron, crude steel and finished steel outputs amounted to 456 million mt, 563 million mt and 698 million mt, up 4.0 percent, 11.8 percent and 13.9 percent, year on year, respectively.
The apparent consumption of crude steel in the given period is expected to reach 537 million mt, up 10.2 percent year on year.
The inventory of steel reached the highest level in early March, while edged down since then, though the declining pace slowed down in May and June, which has still been at relatively high level.