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[Ferro-Alloys.com] Baoshan Iron & Steel Co Ltd net profit slumped 36.9% in the first six months of 2020, pressured by the coronavirus pandemic and climbing raw material prices. The company reported net profit of 4.0 billion yuan for the first half, down from 6.34 billion a year earlier, while revenue fell 7.9% to 129.8 billion yuan. In the first six months, Baosteel produced 22.43 million tonnes of steel products, down from 24.3 million in year-earlier period.
For the period from April to June, Baosteel earned 2.47 billion yuan, a jump of 60.6% from the first quarter, but still well below net profit of 3.46 billion yuan in the year-earlier period.
According to a report in Business Standard, Indian steel companies are set to increase prices from September owing to cost-push and higher international prices. BS report quoted at JSW Steel Director Marketing, Commercial & Corporate Strategy as saying that “The difference between domestic and international prices currently is about 8 per cent. An increase in prices from September is on the cards. The amount will be decided.”
Mr Acharya also explained that iron ore prices are at six-year high and international steel prices in August, too, have increased.
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