Imported iron ore spent more than 85.7 billion yuan in the first four months

Constrained by high ore prices, China's imports of iron ore in the first four months of this year were 85.7 billion yuan more than the same period last year, which is 2.6 times the profit of the Chinese steel industry over the same period. China Steel Association is studying the launch of China's iron ore price index, but there is no specific timetable.

Luo Bingsheng, vice chairman of the China Iron and Steel Association, said in Shanghai on the 29th that the average price of imported iron ore in China in the first four months of this year was US$157.6/ton, a year-on-year increase of 57%. According to the calculation of import volume of 230 million tons of iron ore in the same period, only an increase in iron ore price, the Chinese steel industry will have a cost of nearly 13.2 billion U.S. dollars (RMB 85.7 billion).

At the same time, China's large and medium-sized steel companies realized net profit of 32.98 billion yuan*** in the first four months, down 2.12% year-on-year. Eighty-seven of the 77 statistical targets suffered losses, with a loss of 10.4%. This means that the Chinese steel industry spends more than 2.6 times its own profit.