China is likely to reduce output again this year to help meet its climate goals. Read more at straitstimes.com.
BEIJING – China’s raw materials producers are at the forefront of falling industrial profits as poor demand and price deflation tear into margins at steel mills, metals smelters, chemicals firms and coal miners.
The profit figures are just the latest in a line of data that show China’s economic recovery stalling, particularly in industries linked to manufacturing and construction. The drop is counter to usual trends because it comes despite rising temperatures, when much of the country is forced to crank up the air-conditioning.
The flip side is that falling prices favour the power plants that run on fossil fuels. The coal-fired operations of independent power producers are likely to become profitable from the second quarter as the so-called dark spread – the profit margin of electricity rates over coal costs – expands further, said Mr Tony Fei, an analyst at Bank of China International Research Ltd.
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