Image Source: coolbuzzXinhua reported
that China's steel industry saw a profit turnaround in March. China's large and
medium-sized steel producers reported CNY 2.7 billion (USD 415.4 millio) in
profits in March, ending a 15 month losing streak
The unexpected improvement was largely due to recovering steel prices on the
back of a pick-up in infrastructure and property projects, as well as elevated
speculation in the steel futures market, which analysts said would be
unsustainable.
Steel makers have been in deep water over the past few years as a result of
shrinking demand and excessive capacity built up during decades of rapid
expansion.
Source : XINHUA