29
Oct
02:53
Bayi Steel profits slump in third quarter
Bayi Iron & Steel (Bagang) released its third-quarter financial report on 25 October. Both revenue and profit have declined further, Kallanish notes.
During the third quarter, operating revenue decreased by -17% year-on-year to CNY 5.95 billion ($841.66 million). Its net profit declined by -67.8% y-o-y to CNY 117m.
The weak construciton market in Xinjiang has helped force Bagang's prices lower. In the second quarter, the steelmaker accelerated pr…
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Anonymous
Very good overview of the weekly steel market.
Anonymous