After the profit shrinkage in June, domestic large and medium-sized steel mills continued to decline in overall profit in July. According to data from China Iron and Steel Association, in July, domestic large and medium-sized steel mills realized a total profit of 2.86 billion yuan, a decrease of 3.39 billion yuan from the previous month, a decrease of 54.24% from the previous month and a decrease of 73.05% year-on-year.
From January to July, the total accumulated profit of large and medium-sized steel enterprises nationwide was 53.71 billion yuan, an increase of 41.416 billion yuan, an increase of 3.37 times.
The China Iron and Steel Association believes that although the domestic steel market price has started to pick up since late July, the ex-factory prices of major medium and large-sized steel mills have dropped sharply in August, and the industry profit data in August will be inferior to that in July.
“Shandong Iron and Steel, Guangzhou Iron and Steel, Maanshan Iron and Steel, Panzhihua Iron and Steel, and Hualing are all on the list of loss-making enterprises.†According to informed sources, the losses of domestic large and medium-sized steel mills expanded rapidly in July, from the 14 companies in June. The loss has increased to 28 in one fell swoop, and there are many regional industry leaders.
It is based on the business situation in July that several listed steel companies are not optimistic about the performance in the third quarter. Among them, Angang Steel (000898) expects a single quarter profit of RMB 450 million to a profit of RMB 150 million. Sangang Shuguang (002110) believes that the single-quarter performance in the third quarter will swing below the break-even line. Guangzhou Iron and Steel (600894) is more straightforward and expects a loss in the third quarter.
Similar to *ST vanadium-titanium (000629) and Baotou Steel (600010), two companies with ore resources are expected to make a profit of 122 million yuan and 126 million yuan in the third quarter. Baosteel (600019), the industry leader, also expects a profit of 800 million to 1.58 billion yuan in the third quarter.
"Baosteel's profitability is indeed relatively strong. The company's net profit in July accounted for nearly 70% of the industry's overall profit." According to sources, Baosteel Group's monthly profit in July was 1.939 billion yuan.
Even if the profit is like Baosteel, the company's general manager Ma Guoqiang is still cautious about the steel market outlook. He said on the 30th "Baosteel's 2010 semi-annual results online briefing" that there are more uncertainties in the macro environment and steel market in the second half of the year. The growth rate of domestic steel demand will slow down, and the imbalance between supply and demand is more obvious. Due to the decline in domestic demand and the reduction of export tax rebate policy, domestic steel prices will bear the downward pressure in the short term.
From January to July, the total accumulated profit of large and medium-sized steel enterprises nationwide was 53.71 billion yuan, an increase of 41.416 billion yuan, an increase of 3.37 times.
The China Iron and Steel Association believes that although the domestic steel market price has started to pick up since late July, the ex-factory prices of major medium and large-sized steel mills have dropped sharply in August, and the industry profit data in August will be inferior to that in July.
“Shandong Iron and Steel, Guangzhou Iron and Steel, Maanshan Iron and Steel, Panzhihua Iron and Steel, and Hualing are all on the list of loss-making enterprises.†According to informed sources, the losses of domestic large and medium-sized steel mills expanded rapidly in July, from the 14 companies in June. The loss has increased to 28 in one fell swoop, and there are many regional industry leaders.
It is based on the business situation in July that several listed steel companies are not optimistic about the performance in the third quarter. Among them, Angang Steel (000898) expects a single quarter profit of RMB 450 million to a profit of RMB 150 million. Sangang Shuguang (002110) believes that the single-quarter performance in the third quarter will swing below the break-even line. Guangzhou Iron and Steel (600894) is more straightforward and expects a loss in the third quarter.
Similar to *ST vanadium-titanium (000629) and Baotou Steel (600010), two companies with ore resources are expected to make a profit of 122 million yuan and 126 million yuan in the third quarter. Baosteel (600019), the industry leader, also expects a profit of 800 million to 1.58 billion yuan in the third quarter.
"Baosteel's profitability is indeed relatively strong. The company's net profit in July accounted for nearly 70% of the industry's overall profit." According to sources, Baosteel Group's monthly profit in July was 1.939 billion yuan.
Even if the profit is like Baosteel, the company's general manager Ma Guoqiang is still cautious about the steel market outlook. He said on the 30th "Baosteel's 2010 semi-annual results online briefing" that there are more uncertainties in the macro environment and steel market in the second half of the year. The growth rate of domestic steel demand will slow down, and the imbalance between supply and demand is more obvious. Due to the decline in domestic demand and the reduction of export tax rebate policy, domestic steel prices will bear the downward pressure in the short term.
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