Chinese Steel Enterprises Pay More Than One Thousand Billion Billions in the First Half of the Year
2024-10-11 12:04:48
The fate of the steel industry for the three major mines has not been changed. “Economic Information Daily†reporter learned from an internal meeting held by the China Iron and Steel Association recently that as iron ore prices have risen sharply, China’s iron and steel industry has spent more than US$16.17 billion in imported iron ore in the first half of the year. If calculated according to the average exchange rate of *** against the US dollar in the first half of the year, the cost of the steel industry will increase by 104.11 billion yuan***.
On March 23, 2010, BHP Billiton and Japanese steel mills reached a quarterly pricing agreement, and the 40-year long association model was scrapped. The facts prove once again that the iron ore monopolized by the three major mines is just like the blood-sucking machine on the same steel industry. According to customs statistics, the average cif price of imported iron ore in the first half of the year was US$160.89 per ton, which was the highest level in history. It was up 47.92 US dollars per ton from the same period of last year, an increase of 42.41%. In the first half of the year, 33.25 million tons of iron ore was imported, an increase of 25.18 million tons year-on-year.
This "blood collector" not only easily plundered the profits originally belonging to the steel industry, but also left the entire industry in a state of extreme "anemia." According to the latest data from the China Iron and Steel Association, the profit margin of the member companies included in the statistics of the Steel Association in the first half of the year was only 3.14%. However, this figure is far lower than the average level of “6.2% of national industrial enterprises' profit rate†announced by the Ministry of Industry and Information Technology at the beginning of the year, and even less than the one-year 3.25% bank interest rate.
“Since the price of imported iron ore has risen sharply, which has made the production and operation of enterprises more difficult, the iron and steel enterprises are still in a low-efficiency state.†Zhu Jimin, chairman of the China Iron and Steel Association and chairman of Shougang Group, “describes†the realities facing the steel industry at the meeting. Situation.
This is indeed the case. Although the profits of the steel industry have risen month by month since the beginning of this year, the profits of the iron and steel industry have actually continued to decline. According to a recent Steel Association internal document obtained by the Economic Information Daily, member companies included in the statistics of the Association of Steel Businesses had a total profit of US$ 56.274 billion in the first half of the year, an increase of 9.85% over the same period of last year. The sales margin was 3.14%. Among them, the profit in June was 13.305 billion US dollars, a record high. However, after deducting investment income, non-operating income, and other factors, the main business profit margin was only 2.55%, a year-on-year decrease of 0.47 percentage points.
“The improvement in the profitability of the steel industry has mainly come from the non-steel industry and mines. In fact, the profitability of the iron and steel industry is still worrying.†An authoritative source of the China Iron and Steel Association said in an interview with the Economic Information Daily. He told reporters that the China Iron and Steel Association has conducted some research on this issue. The results show that from the perspective of profit composition of more than 10 million tons of enterprises, the total profit from January to June was 330.88 billion yuan, but the profits from the iron and steel industry were only 17.75 billion yuan. It accounted for 53.64% of the total profit.
"The iron and steel industry will face enormous difficulties in the second half of the year." Zhu Jimin said that from the macro environment, the economic slowdown in the second half of the year will further slow down the growth of steel production. At the same time, the structural contradictions in the iron and steel industry will become more prominent. Excessive strips and competition for product homogeneity will be even more intense. In addition, due to the impact of monetary policy approaching, companies will face significant financial pressure. More importantly, under such circumstances, the high cost of production will continue, especially the rise in the prices of iron ore and coking coal and shipping charges.
More importantly, the oversupply pressure in the steel industry still exists. An authoritative source from the China Iron and Steel Association introduced to reporters that in the first half of the year, the crude steel output of the steel industry reached 350 million tons, an increase of 9.6%. Based on this calculation, the annual crude steel production will reach 70.6 billion tons, and the situation of “oversupply of steel products†will continue to deteriorate.
On March 23, 2010, BHP Billiton and Japanese steel mills reached a quarterly pricing agreement, and the 40-year long association model was scrapped. The facts prove once again that the iron ore monopolized by the three major mines is just like the blood-sucking machine on the same steel industry. According to customs statistics, the average cif price of imported iron ore in the first half of the year was US$160.89 per ton, which was the highest level in history. It was up 47.92 US dollars per ton from the same period of last year, an increase of 42.41%. In the first half of the year, 33.25 million tons of iron ore was imported, an increase of 25.18 million tons year-on-year.
This "blood collector" not only easily plundered the profits originally belonging to the steel industry, but also left the entire industry in a state of extreme "anemia." According to the latest data from the China Iron and Steel Association, the profit margin of the member companies included in the statistics of the Steel Association in the first half of the year was only 3.14%. However, this figure is far lower than the average level of “6.2% of national industrial enterprises' profit rate†announced by the Ministry of Industry and Information Technology at the beginning of the year, and even less than the one-year 3.25% bank interest rate.
“Since the price of imported iron ore has risen sharply, which has made the production and operation of enterprises more difficult, the iron and steel enterprises are still in a low-efficiency state.†Zhu Jimin, chairman of the China Iron and Steel Association and chairman of Shougang Group, “describes†the realities facing the steel industry at the meeting. Situation.
This is indeed the case. Although the profits of the steel industry have risen month by month since the beginning of this year, the profits of the iron and steel industry have actually continued to decline. According to a recent Steel Association internal document obtained by the Economic Information Daily, member companies included in the statistics of the Association of Steel Businesses had a total profit of US$ 56.274 billion in the first half of the year, an increase of 9.85% over the same period of last year. The sales margin was 3.14%. Among them, the profit in June was 13.305 billion US dollars, a record high. However, after deducting investment income, non-operating income, and other factors, the main business profit margin was only 2.55%, a year-on-year decrease of 0.47 percentage points.
“The improvement in the profitability of the steel industry has mainly come from the non-steel industry and mines. In fact, the profitability of the iron and steel industry is still worrying.†An authoritative source of the China Iron and Steel Association said in an interview with the Economic Information Daily. He told reporters that the China Iron and Steel Association has conducted some research on this issue. The results show that from the perspective of profit composition of more than 10 million tons of enterprises, the total profit from January to June was 330.88 billion yuan, but the profits from the iron and steel industry were only 17.75 billion yuan. It accounted for 53.64% of the total profit.
"The iron and steel industry will face enormous difficulties in the second half of the year." Zhu Jimin said that from the macro environment, the economic slowdown in the second half of the year will further slow down the growth of steel production. At the same time, the structural contradictions in the iron and steel industry will become more prominent. Excessive strips and competition for product homogeneity will be even more intense. In addition, due to the impact of monetary policy approaching, companies will face significant financial pressure. More importantly, under such circumstances, the high cost of production will continue, especially the rise in the prices of iron ore and coking coal and shipping charges.
More importantly, the oversupply pressure in the steel industry still exists. An authoritative source from the China Iron and Steel Association introduced to reporters that in the first half of the year, the crude steel output of the steel industry reached 350 million tons, an increase of 9.6%. Based on this calculation, the annual crude steel production will reach 70.6 billion tons, and the situation of “oversupply of steel products†will continue to deteriorate.
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