Baoshan Iron & Steel (Baosteel), China Baovu Steel Group’s parent company listed on the Shanghai bourse, posted net profits for the first nine months of this year up 35% year-on-year. 15.7 billion yuan (2.3 billion US dollars) thanks to rising steel prices and strong demand from the engineering, shipbuilding and real estate sectors, as well as the company’s efforts to cut costs.
Despite weak demand from infrastructure, vehicles and home appliances, corporate earnings in the fourth quarter are expected to remain stable, a senior official said. .
From January to September, Baosteel produced 36.37 million tonnes of crude steel and 34.48 million tonnes of pig iron. At the same time, the company’s sales of steel products totaled 35.12 million tonnes. The company’s gross margin for the first three quarters increased significantly by 48.4% from the previous year to 21.6 billion yuan.
A second senior official of the company said demand for steel from the home appliance sector could be reduced next year due to trade conflicts with the United States. However, the demand from the infrastructure sector will be strengthened to some degree.
Domestic spot prices for HR coils in Shanghai and rebar in the first nine months of this year were RMB 4,190 / t ($ 602 / t) and yen 4,132 / t ($ 594 / t) per ton), up 15.5% and 11.7% over last year, S & P Global Platts estimates.
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