Home 禄 Business 禄 Manufacturing
Rare earth producer鈥檚 profit dives nearly 72%
Print Edition
CHINA’S major rare earth producer Inner Mongolia Baotou Steel Rare-Earth Group said its net profit slumped 71.71 percent year on year to 69.38 million yuan (US$11.15 million) in the first quarter.
Its revenue tumbled 52.76 percent from the same period of last year to 1.09 billion yuan, according to the company’s financial report for the January-March period.
The producer attributed the sharp drop to declines in both sales and prices amid a lackluster market.
The shrinking profit was partly due to the World Trade Organization’s ruling against China’s regulation of rare earth supply.
The WTO said on March 26 that China’s regulation on rare earth exports was inconsistent with the organization’s rules, signaling the country may have to further open its rare earth supply in case the WTO keeps its judgement in its final ruling.
An executive from Baotou said producers were worried the canceling of regulations on exports would compound the struggling sector with a further price slump.
Chinese rare earth producers have suffered since 2011 from continuing price falls due to excessive exploitation, triggering cross-the-sector production suspensions and business mergers, as well as a worsened environment.
China is the world’s largest rare earths supplier.
(Xinhua)
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
