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NBS: China’s Jan-Aug ferrous sector profit slumps 31%

The aggregated gross profit of China’s ferrous smelting and processing industry for the January-August period totalled some Yuan 181.8 billion ($25.6 billion), a 31.3% year-on-year plunge and the second steepest decline among all the sectors the National Bureau of Statistics (NSB) monitored last month.
The profit decline over the eight months was even more sharp than the 25% on-year decline witnessed over January-July, according to NBS. During the January-August period, the total gross profits of all Chinese industrial enterprises dipped 1.7% on year, a decline that Zhu Hong, the bureau’s senior statistician, blamed on “slower

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