Due to the overall downturn in the industry, steel companies are constantly on the verge of losing money. In the first five months of this year, the profit of key large and medium-sized steel companies fell by 94.26% year-on-year, and the sales profit margin was only 0.17%. At the end of June, the domestic market steel price index has fallen to the lowest point in nearly 23 months. In this regard, the industry pointed out that due to the downturn in the steel market, the overall performance of the steel industry in the first half of the year was worrisome, and the steel industry in the short period of time was still difficult for the industry.
Poor Interim Results Expectations Among the 12 steel companies that disclosed the
results of the 2012
interim report, only the two interim results of Baosteel and Jiuli Special Materials were pre-increased, and the remaining steel companies were not optimistic about the performance of the first half of the year. Five companies, including Chongqing Iron and Steel, Maanshan Iron and Steel Co., and Shougang, are expected to have a first loss. It is worth noting that the pre-increased performance is not entirely attributed to the “power†of the main business. Baosteel Co., Ltd. stated that the company completed the sale of related assets and equity of the stainless steel and special steel business divisions in the second quarter of 2012, benefiting from the loss of losses after the sale of the underlying assets, the increase in the total evaluation value of the sales target compared with the book value, and the reduction of the company. The contribution of financial expenses is expected to increase the company's accumulated net profit for the first half of 2012 by 80%-100% compared with the same period of the previous year. Jiuli Special Materials said that the company's investment project capacity was gradually released, and the company's product structure was further optimized. It is estimated that the net profit attributable to shareholders of listed companies from January to June 2012 will increase by 20%-50% over the same period of the previous year. Despite the poor performance, the steel industry's production capacity remained high, and the phenomenon of oversupply in the industry has not been resolved. Treasures on the bulk product e-commerce platform pointed out that the PMI data has reached a new low in 7 months, and the main sub-data is not optimistic. The new order index and the new export order index are below the 50 level, and new orders. The index and production index differed by 2.8 percentage points, and the finished goods inventory index hit a new high this year, reaching 52.3%. These two figures show that the current overcapacity is still very obvious. Due to the rapid release of production capacity in the early period, the demand for steel products has been weak, and the oversupply has caused steel prices to continue to fall. Affected by this, domestic steel companies have taken measures to reduce production and limit production, and steel production has declined. According to the National Bureau of Statistics, from December last year to April this year, the country's crude steel output increased for five consecutive months, and the crude steel daily output level reached an all-time high of 2.019 million tons in April, and fell to 1.775 million tons in May. According to the statistics of the China Iron and Steel Industry Association, the national crude steel output level in the first half of June has decreased compared with that in May.
The decline in profitability of the whole industry is not only the listed steel enterprises, but the entire steel industry is on the verge of profit and loss. According to the statistics of China Steel Association, the accumulated profits of key large and medium-sized iron and steel enterprises in the first five months were only 2.533 billion yuan, a year-on-year decrease of 41.56 billion yuan, a drop of 94.26%. In contrast, the sales profit margin of these enterprises was only 0.17%, down 2.73 percentage points year-on-year. The steel industry was still on the verge of loss; while the losses of loss-making enterprises reached 11.749 billion yuan, an increase of 27.38 times compared with the same period of last year. 32.5%. From the perspective of the monthly situation, although the steel enterprises in March-May were slightly profitable, they still fell for the second consecutive month. According to the China Steel Association, as of the end of June, the domestic market steel price index fell to 117.52 points, which has fallen to the lowest point in the past 23 months, down 4.13% from the beginning of the year; and the imported iron ore price is 134.30 US dollars / ton, At the beginning of the year, it only fell by 1.49%, which was significantly less than the decline in steel prices. This "scissors difference" has caused steel companies to make profits "worse." In addition, due to the weakening of demand intensity, the oversupply situation in the domestic iron ore market is more obvious. After three consecutive months of decline, the inventory of imported iron ore ports rose slightly in June. As of the end of June, the inventory of imported iron ore ports reached 96.81 million tons, an increase of 960,000 tons, an increase of 1.0%. Compared with the same period of last year, it increased by 3.64 million tons, an increase of 3.9%. The inventory of imported iron ore is at a high level and has risen from a downward trend. The contradiction between supply and demand in the iron ore market is becoming more and more obvious. Insiders pointed out that due to weak demand, imbalance between supply and demand and other factors, the profit prospects of domestic steel companies are worrying, and the industry will still be on the verge of profit and loss in a short period of time.
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