China iron ore miners’ October profits fall 8% on month
Nov 27, 2019 17:40
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The total profits of large- and medium-sized Chinese iron ore miners dipped for a second successive month in October to Yuan 1.2 billion ($174.9 million), down by another 7.6% on month, according to the latest survey from the Metallurgical Mines’ Association of China (MMAC) published on November 26.
Last month’s on-month decrease in miners’ profits could have been predicted though, a market watcher in Shanghai commented. When they saw prices of imported iron ore decline quickly, domestic steelmakers preferred to buy imported ore and were unwilling to buy domestic concentrates because they considered prices of the latter to