On June 13, Chinese steelmaker Pangang Steel Vanadium & Titanium Plant Co., a subsidiary of Sichuan Province-based Chinese state-owned steel producer Panzhihua Iron and Steel (Pangang Group), announced that it achieved a gross profit of RMB 18.56 million ($3.02 million) in May this year, the third consecutive month in which it has recorded a gross profit despite the lack of an improvement in steel prices and market demand.
In May, Pangang Steel Vanadium & Titanium Plant's production cost for pig iron was RMB 2,198/mt ($358/mt), down RMB 65/mt ($10.6/mt) month on month. Meanwhile, its output of heavy rail in May amounted to an all-time record monthly volume of 110,500 mt.