The cracks are beginning to show in China's steel sector.
Falling steel prices last year were matched more or less by falling input costs as iron ore and coking coal prices collapsed, but even so, margins remained under intense pressure as the overall metric tonnage produced dropped for the first time in decades.
The position of steel companies differs depending on their cost of production, debt commitments and level of efficiency, but China's steel sector as a whole lost money last year. According to the Financial Times, China's biggest 101 steel companies, lost a combined 72 billion RMB ($11bn) in the first 10 months of 2015.
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