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Xinhua: Eighty Steel Companies Suffered RMB 3 Billion in Total Losses This Year

Xinhua recently reported that eighty large and mid-sized Chinese steel companies suffered losses in sales that totaled RMB 3 billion (around US$ 478 million) in the first eight months of this year. The month of August was the lowest point of the year. The numbers are based on statistics that the China Steel Association provided. As of September, steel prices had dropped for thirteen consecutive months. This was the longest cycle for dropping prices in the past decade. With the planned start of some new infrastructure construction projects, it is expected that the steel market will see some relief in the fourth quarter. Experts hope that the situation will not get worse and that a slight rebound may be possible.
Source: Xinhua, October 13, 2012