This increase was driven by the recovery in steel demand and growth from the previous year's low levels. According to NBS, more than half of the profit in 2023 was obtained in November-December.
Last year, annual profits in the mining industry increased by 6.7% to 55.45 billion yuan. Based on 2022 data, the growth rate of the steel industry decreased by 54.5% compared to the previous year, and the profit of the mining sector decreased by 6.8%.
According to NBS, the total gross profit of China's major industrial enterprises decreased by 2.3% in 2023 compared to the previous year, reaching 7.69 trillion yuan ($1.07 trillion).
Chinese steelmaking companies produced 1.019 billion tons of steel in 2023, an increase of 0.6% compared to the previous year, ending the downward trend in the industry. While steel production increased in the January-July period in 2023, there was a monthly decrease in the last 5 months of the year.
In addition, China's exports of steel products reached 90.3 million tons in 2023, increasing by 36.2% compared to the previous year, which was the highest level since 2016.
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