China’s steel industry reduced revenue by 4.2% y/y in January-April

The sector recorded a loss of 22.22 billion yuan in 4 months

In January-April 2024, revenue in China’s steel industry decreased by 4.2% compared to the same period in 2023 – to CNY 2.59 trillion ($358 billion). This is reported by Kallanish with reference to the National Bureau of Statistics (NBS).

At the same time, the sector recorded a loss of 22.22 billion yuan compared to a profit of 390 million yuan a year earlier.

Among the 41 major industrial categories in China, ferrous metallurgy was one of the two sectors that still suffered losses during the first four months of this year. The figure for the fuel and energy industry in January-April was much lower at 4.33 billion yuan.

In April, the country’s steel industry’s revenue and losses amounted to 682.35 billion yuan and 860 million yuan, respectively.

At the same time, the turnover and profit of China’s mining industry in January-April this year increased by 25% and 64.2% year-on-year to 182.63 billion yuan and 21.25 billion yuan, respectively.

As GMK Center reported earlier, in January-April 2024, Chinese steel companies reduced steel production by 3% compared to the same period in 2023, to 343.67 million tons. In April, this figure decreased by 2.6% compared to the previous month, and by 7.2% compared to April 2023 – to 85.94 million tons. Analysts expect steel production in China to recover in May due to improved demand and consumption prospects.