Declining demand in China, supply disruptions and the fallout from the coronavirus have increased pressure on Australia's mining and metals sector, Angang Steel, one of the country's largest steelmakers, said in a statement.
Fortescue, Australia's third-largest iron ore producer, reported a 40% drop in full-year earnings yesterday as record shipments for the year failed to offset a sharp decline in steelmaking material prices amid China's economic downturn.
p>Formerly it was reported that the profitability of Chinese steel mills, which was negative in July, returned to positive indicators in August. S&P Global Commodity Insights reported a profit of about $50 per tonne of rebar for Chinese steel producers in the first decade of this month.
