Hebei steel mills improve profits in January-October despite production drop

摘要

After fast development during 2016?2017, Hebei based steelmakers managed to further improve their financial resultsin 2018, despite lower production.Total profit of the steel industry of the province rose by 49.4% to RMB 81 billion ($11.7 billion) in January-October,according to the latest report from Metallurgical Industry Association. Local demand was stimulated by government,which pushed market prices up. Besides, many periods of temporary production restrictions also support the marketquotes. As a result, high prices made mills’ profits bigger. Average profit per tone in steel industry of Hebei provincewas RMB 410, association said.