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Steel mills post big loss
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CHINA'S large and medium-sized steel mills suffered a loss of 72 billion yuan (US$11.34 billion) in the first 10 months of 2015, said a China Iron and Steel Association report.
Of the 101 steel mills tracked by CISA, the average sales margin stood at minus 1.5 percent during January to October, the worst of the year, said the report.
Slowing investment in property and infrastructure development, as well as weakening manufacturing, has hurt domestic demand for steel, which in turn cut profit for steel makers and forced small players to exit the market, the report said.
China's manufacturing purchasing managers’ index hit a 39-month low in November, suggesting prolonged contraction and sluggish demand.
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