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PrintSecurities Times reported according to public data pretax profit margin of the 70 CISA members lost 2.54 percentage points from July to reach 4.00% in August touching the lowest since March 2006.
The 70 keynote steelmakers surveyed by CISA reported gross profit of CNY 231.8 billion in January to August period up by 24.93% YoY the total profit taking allowance out was CNY 128.8 billion up by 23.41%. TX Investment forecast the keynote steelmakers' total profit growing 22% net profit 37% for the first three quarters.
It also said flats would perform better than the long products in Q3, as the longs have posted drops of a largest range. According to CISA data, long products fell by CNY 800 per tonne to CNY 1000 per tonne from the peak while flat products lost CNY 300 per tonne to CNY 700 per tonne. Seamless pipe saw a smallest fallback of CNY 100 per tonne.
The listed steelmakers presented fine Q3 net, but in the fourth quarter, it's possible some leading producers may suffer losses in one month or two, TX Investment contended, as the ex factory prices have followed downward course of the market price and if the falls continue in December.
Editor: Ivy
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