Chinese iron ore miners’ H1 profits up 41.4% on year
Aug 05, 2020 17:30
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China’s large- and medium-sized iron ore mining companies posted a combined net profit/gross profit at Yuan 9.9 billion ($1.4 billion) in sales of iron ore concentrates over January-June, or up 41.4% on year, due to concentrates prices rises while stable production costs, according to the latest release by the Metallurgical Mines’ Association of China (MMAC).
In the first half of 2020, the prices of the domestically-produced 62% grade iron ore concentrates averaged Yuan 711.2/dmt including 13% VAT,or up 9.6% on year, accoridng to MMAC, as the demand from the Chinese steel mills had been solid with their high steel output while the stocks had been