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Top related persons:
Dominique Patton - 1 Chizu - 1
Top related locs:
BEIJING China Tianjin Fubao Shanghai Handan Beijing
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China Baowu Steel Group - 1 Shanghai Metals - 1 Shanghai Futures Exchange - 1 National Bureau - 1 Statistics - 1 Thomson - 1

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☆ Some Chinese steel mills ordered to cap output this year - sources
  + stars: | 2023-07-25 | by ( ) www.reuters.com   time to read: +2 min
BEIJING, July 25 (Reuters) - Several Chinese steel mills have received instructions to cap this year's output at the same level as 2022, five people familiar with the matter and analyst reports said on Tuesday, potentially curbing iron ore demand in the world's top steel market. China has mandated zero output growth in its steel sector for the last two years as it seeks to limit carbon emissions by one of its most polluting industries. China's state planner did not respond to a fax seeking comment on the caps issued at some steel mills. Some mills in the northern Chinese city of Tianjin were notified to keep steel output below the 2022 level, according to reports by local consultancies Mysteel and Fubao on Tuesday, which did not specify the number of mills. However, a dozen mills in northern Chinese cities including Tianjin and Handan contacted by Reuters said they had not yet received any instructions to cap their output.
Persons: Dominique Patton, Chizu Organizations: China Baowu Steel Group, Shanghai Metals, Reuters, Shanghai Futures Exchange, National Bureau, Statistics, Thomson Locations: BEIJING, China, Tianjin, Fubao, Shanghai, Handan, Beijing
☆ China's industrial profits tumble 18% in April as demand sputters
  + stars: | 2023-05-27 | by ( ) www.cnbc.com   time to read: +4 min
Profits at China's industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery. In April alone, industrial firms posted a 18.2% drop in profit year-on-year, according to the NBS, which only occasionally gives monthly figures. Chinese companies are struggling with both weak demand at home and softening demand in the country's major export markets. Earlier this month, Premier Li Qiang vowed more targeted measures to expand domestic demand and stabilize external demand in an effort to promote a sustained economic rebound. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.89 million) from their main operations.
☆ China industrial profits tumble 18% in April as demand sputters
  + stars: | 2023-05-27 | by ( ) www.reuters.com   time to read: +4 min
BEIJING, May 27 (Reuters) - Profits at China's industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery. In April alone, industrial firms posted a 18.2% drop in profit year-on-year, according to the NBS, which only occasionally gives monthly figures. Chinese companies are struggling with both weak demand at home and softening demand in the country's major export markets. Earlier this month, Premier Li Qiang vowed more targeted measures to expand domestic demand and stabilise external demand in an effort to promote a sustained economic rebound. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.89 million) from their main operations.
☆ China's industrial profits contract in 2022 on COVID woes
  + stars: | 2023-01-31 | by ( Ellen Zhang Ryan Woo | Ellen Zhang | Ryan Woo | ) www.reuters.com   time to read: +4 min
The 8.4 trillion yuan ($1.24 trillion) decrease in profits in 2022 followed a 34.3% rise in 2021. Frequent and widespread COVID disruptions hit production at industrial firms, hurting both supply and demand sides and putting huge upward pressure on costs, said Bruce Pang, chief economist at Jones Lang Lasalle. In 2022, profits at foreign firms slumped 9.5%, while those at private-sector firms shrank 7.2%, NBS data showed. Industrial profits data covers firms with annual revenue above 20 million yuan from their main operations. Liabilities at industrial firms rose 8.6% in 2022 from a year earlier, compared with 9.0% growth as of end-November.
☆ Rio Tinto tempers annual iron ore shipments outlook as demand weakens
  + stars: | 2022-10-17 | by ( ) www.reuters.com   time to read: +2 min
Oct 18 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) on Tuesday forecast annual iron ore shipments at the lower end of its outlook after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China. read moreWeakness in prices and cooling China demand had led Rio to more than halve its interim dividend payout in July. The world's biggest iron ore producer shipped 82.9 million tonnes (Mt) of the steel-making commodity in the three months ended Sept. 30, compared with 83.4 Mt a year earlier. The company retained its annual cost outlook for iron ore, but raised estimates for copper to between 150 cents and 170 cents per pound from 130 cents to 150 cents a pound. Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion.
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