According to the data released by China’s National Development and Reform Commission, in the January to October period of this year the aggregate gross profit of the Chinese iron and steel industry amounted to CNY 113.1 billion (USD 18.1 billion), decreasing by 48.3% YoY.
In particular, the aggregate gross profit of China’s ferrous metal mining sector totaled CNY 75.7 billion (USD 12.1 billion), down 3.3% YoY while the aggregate gross profit of the Chinese iron and steel smelting and processing sector was CNY 32.2 billion (USD 5.2 billion), down 73.7% YoY.
In October alone, the aggregate gross profit of the Chinese iron and steel industry totaled CNY 22.1 billion (USD 3.5 billion), including CNY 9.8 billion (USD 1.57 billion) from the mining of ferrous metals and CNY 11.8 billion (USD 1.9 billion) from smelting and processing of iron and steel.
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