State Statistics Bureau: three industries going through negative growth
Source: www.mlr.gov.cn Citation: www.chinamining.com.cn Date: Feb. 7, 2014
In accordance with the profits of national industrial enterprises above designated size released by the National Bureau of Statistics (NBS) on January 28, 2013, most enterprises maintained a stable growth, but coal, oil and gas and non-ferrous metal industry presented significantly negative growth. Above all, the coal industry, influenced by structural surplus, suffered sharp profit decrease.
Last year, coal mining and washing industry profits were 120.23 billion Yuan less than the year before, rising by -33.7%; Oil and gas industry profits fell by 42.96 billion Yuan, rising by -10.5%; Non-ferrous metal mining rose by -17.2%.
Since the second half of 2012, coal prices have been falling unceasingly. Until September 2013, in circum-Bohai-sea region, the price index of 5500-kilocalorie steam coal has dropped by about 100 Yuan/ton to 530 Yuan/ton compared to the same period last year. After October, although there was a wave of price rising for several weeks, prices fell again soon, as there was no apparent reversal in supply and demand,.
According to Jiang Zhimin, vice president and spokesman of China National Coal Association, in 2013, the national coal market continued the trend of loose gross and structural surplus and the situation would not change fundamentally in 2014.
HePing, from NBS industrial department, said the national industrial enterprises above designated size kept a fast growing momentum last year. In light of relevant analysis, the profits of central enterprises, especially large monopolistic enterprises, grew rather fast while local state-owned enterprises in competitive field profited less. (Translated by TLRHVC)
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