Reported about 15 hours ago
Chinese commodities producers faced significant challenges in 2024, with crude oil processors, steelmakers, and coal miners showing the lowest profitability as industrial profits dropped by 3.3%. The slowdown in China's economy, combined with overcapacity and shifts in energy policy, has led to substantial losses in these sectors. Oil refining reported a cumulative loss of $6.3 billion, while iron and steel profits plummeted by 55%. This continued decline raises concerns about the future viability of these industries, especially with potential trade conflicts exacerbating the situation.
Source: YAHOO