The 2011 (5th) China Steel Raw Fuel Market Summit Forum continued to be held in Jinan, Shandong. Luo Bingsheng, deputy secretary of the China Iron and Steel Association, said that under the dual pressure of falling steel prices and rising steel production costs in the domestic market, the profit margin of steel products in the first seven months of sales was only 3.08%, down 0.1 percentage point year-on-year. Luo Bingsheng introduced that 77 large and medium-sized iron and steel enterprises that were included in the statistics of China Iron and Steel Industry Association realized sales revenue of 2,181.123 billion yuan from January to July, a year-on-year increase of 24.6%; and realized profit of 65.208 billion yuan, a year-on-year increase of 20.6%. Although the total profit increased, the profit margin of large and medium-sized steel enterprises in January-July was only 3.08%, down 0.1 percentage point year-on-year. From January to July, the whole industry was in a high-cost, low-efficiency operation. It is worth noting that due to the significant increase in the actual procurement cost of raw fuels, the total cost of actual product sales of 77 enterprises in January-July was 1,945.577 billion yuan, a year-on-year increase of 25.45%. Among them, imported mines rose the most. From January to July, the average import price of iron ore imported was 162.76 US dollars / ton, an increase of 44.63 US dollars / ton, an increase of 37.79%. According to this calculation, the import of iron ore from January to July paid 63.264 billion US dollars, which was 21.101 billion US dollars more than the same period of the previous year. According to the exchange rate of 6.5, it was equal to paying more than RMB 137.195 billion. Luo Bingsheng said that from the perspective of the supply and demand relationship of global iron ore maritime trade, the factors of global oversupply are accumulating, and eventually push unreasonably high prices into the downtrend channel.
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