HomeProduct Complimentary download China coal industry profit plummets 61.9 pct in Q1

China coal industry profit plummets 61.9 pct in Q1

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Publish time: 28th April, 2015      Source: www.cnchemicals.com
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China’s coal mining and washing industry posted a year-on-year slump of 61.9% in profit to 12.2 billion yuan ($1.97 billion) in the first quarter of the year, showed data from the National Bureau of Statistics (NBS) on April 27.The sharp fall in profit was mainly impacted by falling prices amid bearish demand from downstream sectors and an excess of supply.The Fenwei/Platts CCI1 Index for domestic 5,500 Kcal/kg NAR coal traded at Qinhuangdao port was assessed at 405 yuan/t on April 27, inclusive of VAT, FOB basis, down nearly 20% or 101 yuan/t from the start of the year.In the first quarter, the coal mining and washing industry realized revenue of 613.83 billion yuan in core businesses, down 10.8% from a year ago.During the same period, total profit of the country’s entire mining industry registered a drop of 61% year on year to 65.55 billion yuan, data showed.Meanwhile, profit in ferrous and non-ferrous metal mining industry fell 49.3% and 22.9% on year to 8.35 billion and 9.58 billion yuan, respectively.However, the power and heat generation industry saw its profit climb 16.4% from the year before to 108.04 billion yuan, attributed largely to the slump in coal prices.