After the sharp rise in prices in 2010, the price of imported iron ore continued to rise on the basis of the high level this year, seriously devour the profits of China's steel enterprises. According to estimates, the average steel company's profit per ton of steel in the first half of the year was about 118 yuan, of which the internal mine contributed about 108.5 yuan, and the outer mine contributed only 9.5 yuan. On September 1st, at the "5th China Steel Raw Fuel Market Summit Forum" hosted by United Metals, Luo Bingsheng, deputy secretary of the China Steel Association Party Committee, pointed out that high-priced imported iron ore has become one of the root causes of domestic steel enterprises' profits. He predicted that China's steel output will slow down in the second half of the year, the contradiction of product production structure is more prominent, steel companies will face greater financial pressure, and the high cost of steel production will continue. High-cost external mines increase costs China Steel Association data show that China's imports of iron ore from March to July, 389 million tons, an increase of 7.81%. The average CIF price of imported iron ore was US$162.76/ton, up 37.79% year-on-year. In this calculation, China's imported iron ore has paid an additional 21.101 billion US dollars over the same period of the previous year, equivalent to an additional payment of 137.19 billion yuan, which is 2.1 times the profits of large and medium-sized steel enterprises in the same period. Importing high-priced iron ore has become the main reason for the high cost and low efficiency of the steel industry. In fact, from the demand of steel, domestic iron ore production in January-July was 690 million tons, an increase of 21.9% over the same period of last year, which was equivalent to an increase of 43.09 million tons of blast furnaces into furnaces. The actual increase in iron ore production from January to July was 53.06 million tons. In this calculation, the increase in domestic demand for imported iron ore is only 9.97 million tons. In fact, the import of high-priced iron ore actually increased by 28.14 million tons over the same period of the previous year. "The excess of more than 18 million tons of iron ore has formed the port iron ore inventory and enterprise inventory, which is an important factor in the current port import iron ore is high and there is artificial speculation." Luo Bingsheng pointed out. “The contribution of imported iron ore to the profit of domestic steel enterprises is very small.†Zhang Jiabin, an analyst with United Metals, said that in the first half of the year, the average steel company’s profit per ton of steel was about 118 yuan, of which the internal mine contributed about 108.5 yuan. 9.5 yuan. "The contribution of imported mines to steel enterprises is only reflected in the output, and it is almost impossible to contribute to profits." Zhang Jiabin said bluntly. In order to solve the existing problems, Luo Bingsheng pointed out that it is necessary to adhere to the development strategy of “going outâ€, increase investment, development and shareholding of overseas iron ore mines, and increase the proportion of overseas equity mines. At the same time, regulate the order of imported iron ore market, and do a good job in the management of imported iron ore agent system and imported iron ore flow. Profit margins remain low In the first seven months of this year, China's steel output remained at a high level, with an average daily output of 1,933,500 tons, a record high, an increase of 18.3% compared with the fourth quarter of 2010. It is worth noting that the production costs of the steel industry continue to rise sharply, and the operating efficiency of the whole industry is low. According to the data of China Steel Association, the total cost of actual product sales of 77 large and medium-sized iron and steel enterprises included in the association statistics from January to July was 1.94 trillion yuan, a year-on-year increase of 25.45%. From January to July, the sales revenue of products reached 2.12 trillion yuan, a year-on-year increase of 24.6%; the profit reached 65.208 billion yuan, a year-on-year increase of 20.6%. Although profits have risen, the operating efficiency of steel companies is still at a low level. The profit margin of 77 large and medium-sized iron and steel enterprises from January to July was only 3.08%, down 0.1 percentage point year-on-year. Among them, 8 losses were made, and the total loss was 815 million yuan. In addition, the increase in financial costs is also a factor of reduction in the current steel industry. From January to July, the actual financial expenses of large and medium-sized steel enterprises were 34.846 billion yuan, a year-on-year increase of 33.51%, accounting for 1.65% of sales revenue. Judging from the report of the listed companies, 33 listed steel companies achieved operating income of 751.298 billion yuan in the first half of the year, up 18.80% year-on-year; net profit reached 15.558 billion yuan, down 24.49% year-on-year. The gross profit margin of 33 companies was only 7.87%, which was 2 percentage points lower than that of the same period of last year. It ranked the last of all 23 industries, and the gross profit margin of the second-to-last commercial trade industry was still lower than 4 percentage points. . In this regard, Luo Bingsheng pointed out that in the future, the steel industry should control the substantial increase in financial expenses, reduce the total physical inventory and reduce the capital occupation, so as to ensure the reasonable flow of corporate funds and improve the quality and efficiency of enterprise operations.
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