Lower steel price weighs upon steel plants Q1 profit

Updated 2018-04-30 10:41:04 Xinhua

Lower steel price has weighed upon steel sector's profit in the first quarter of this year, according to the China Iron and Steel Association (CISA).

Total profit for CISA members stood at about 56.9 billion yuan (8.98 billion U.S. dollars) in the first three months of 2018, a marked drop from Q4 2017.

Steel price per tonne dropped by about 1,000 yuan in late March compared with late last December, according to CISA secretary general Liu Zhenjiang.

Steel price edged up in April but is still below 4,000 yuan per tonne, which means the sector's profit will shrink year on year if the price continues to remain sluggish, Liu said.

The industrial body has warned against the rapid growth of crude steel output. Steel plants should rein in output rises and maintain a stable market, Liu pointed out.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 21 2018 08:08:36

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 21 2018 08:08:36

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 21 2018 08:08:36

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords