NBS: Chinese ferrous industry’s Jan-Oct profit dives 44%
Nov 27, 2019 17:00
The combined gross profit of China’s ferrous smelting and processing industry over January-October plunged by 44.2% on year to Yuan 211.9 billion ($30 billion), according to the latest statistics from China’s National Bureau of Statistics (NBS) published on November 27. The fall was even sharper than the 41.8% on-year decline seen over January-September, Mysteel Global notes.
The size of the fall the NBS noted in the ferrous sector’s performance was second only in size to the 51.2% year-on-year decrease recorded for the oil, coal and other fuel processing industries during the same period.
Over the ten months, gross profits across all the country’s industrial sectors the Bureau