China’s ferrous metal smelting and rolling sector recorded a gross profit of RMB 105.32 billion ($14.8 billion) from January to October, rebounding sharply from a gross loss of RMB 23.32 billion in the same period last year, according to data released by the National Bureau of Statistics (NBS) on November 27.
Profit performance across key sectors
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The automotive industry posted a profit of RMB 389.46 billion ($54.9 billion), up 4.4% year on year.
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The ferrous metals mining and dressing sector reported RMB 38.18 billion ($5.4 billion), down 22.9% year on year.
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The metal manufacturing sector generated RMB 132.58 billion ($18.7 billion), down 3.3% year on year.
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The railway, shipping, aerospace and transportation equipment sector rose to RMB 112.6 billion ($15.9 billion), up 32% year on year.
Across all large and medium-sized industrial enterprises, China recorded RMB 5.95 trillion ($0.84 trillion) in total profit for the period, up 1.9% year on year.
Exchange rate: $1 = RMB 7.0779
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