China iron ore miners’ April profits surge 89% on year

China’s large- and medium-sized iron ore mining companies earned a total of Yuan 1.5 billion ($212.2 million) from concentrates in April, higher by 88.9% on year, according to the latest survey from the Metallurgical Mines’ Association of China (MMAC). Over January-April, the profits of the representative iron ore mining companies reached Yuan 5.3 billion, up by 50% on year, MMAC’s survey showed.

“Although concentrate prices softened in April, they have been trending upward for some time, supported by low stocks from mining companies amid the high demand from domestic steelmakers,” an official with a miner in East China’s Shandong province said, adding that local concs prices had followed the trend of