China H1 ferrous sector profit up on iron ore price rises

China’s ferrous mining and processing industry posted a 24.3% on-year increase in net profit to Yuan 16.5 billion ($2.4 billion ) over January-July, mainly benefiting from the remaining solid demand from the domestic steel mills and the backup of the continuing rises in imported iron ore prices, Mysteel Global noted.

The performance was in sharp contrast to the overall 8.1% on-year decline in the gross profit of China’s sizeable industrial enterprises in total, or the 41.6% slump in the gross profit for China’s mining sector in general, as its business revenue grew 4% on year to Yuan 204.6billion, according