China’s raw materials producers are at the forefront of falling industrial profits as poor demand and price deflation tear into margins at steel mills, metals…
China’s raw materials producers are at the forefront of falling industrial profits as poor demand and price deflation tear into margins at steel mills, metals smelters, chemicals firms and coal miners.
While the pace of declines slowed in April across many sectors — in large part due to the base effect of comparing against last year when Shanghai was in lockdown — the weakening of profitability at coal mines worsened. Ferrous metals producers, which include the makers of steel for buildings and cars, were the worst performers on a monthly basis.
A deadly mine accident in northern China is casting a spotlight on the dangers inherent in the country’s effort to prioritize energy security by boosting coal production. At least six people are dead and 47 missing after a wall collapsed at Xinjing Coal Industry Co.’s open-pit mine in a remote…