China's steel industry suffered a gross loss of RMB 22.2 billion ($3.1 billion) in the January-April period of 2024, a significant decline from the RMB 390 million profit recorded in the same period last year. This loss was driven by overcapacity and weak demand in the sector.The automotive industry, on the other hand, saw its gross profit increase by 29.0% year-on-year to RMB 142.79 billion ($20.1 billion) during this period.Other related sectors also experienced mixed results:
• The ferrous metals mining and dressing sector recorded a gross profit of RMB 9.46 billion ($1.3 billion), down 46.9% year-on-year.
• The metal manufacturing sector posted a gross profit of RMB 28.83 billion ($4.1 billion), down 19.8%.
• The railway, shipping, aerospace and other transportation equipment manufacturing sector saw its gross profit increase by 39.0% to RMB 11.69 billion ($1.6 billion).
The aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 1.50553 trillion ($0.2 trillion) in the January-April period, up 4.3% year-on-year.
