Baoshan Iron & Steel Saw Profits Decline 7% in First Quarter

by on

Baoshan Iron & Steel Co., China’s biggest publicly-traded steelmaker, said profit fell 7 percent in the first quarter after steel prices dropped. Net income declined to 1.51 billion CNY ($241 million), from 1.63 billion CNY a year earlier, the company said yesterday in a statement to the Shanghai Stock Exchange. Sales rose to 46.7 billion CNY from 46.4 billion CNY, it said.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.23) and a low price of CNY 830.00 ($132.63) per dry metric ton. The price of Chinese HRC held steady at CNY 3,360 ($536.93) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($222.12) per metric ton.

FREE Download: The Monthly MMI® Report – covering Steel/Iron Ore markets.

The cash price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $390.00 per metric ton. The 3-month price of steel billet held steady on the LME at $400.00 per metric ton.

The 3-month price of the US HRC futures contract held steady around $636.00 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $660.00 per short ton.

{Comments Off on Baoshan Iron & Steel Saw Profits Decline 7% in First Quarter Comments Off on Baoshan Iron & Steel Saw Profits Decline 7% in First Quarter}