Major Steelmakers Register ¥2.2b Loss in Jan
China's 77 largest steelmakers rolled out ¥246.69 billion worth of steel products and sold ¥260.35 billion worth of goods in January, down 4.6% and 8.5% respectively from a year ago, a person from the China Iron & Steel Association said. The industry reported a net loss of ¥2.18 billion in January, with 12 of the largest 29 mills (each with annual capacity of five million tons or above) operating in the red, the source added.
Slower Industrial Activity Foreseen on Slower GDP
China's industrial output is expected to grow 11% this year as the government has lowered its target for overall economic growth to 7.5%, said Miao Wei, Minister of Industry and Information Technology. The nation's industrial output growth rate was 13.9% in 2011, according to the National Bureau of Statistics.
Textile Exports to Take a Blow
The quantity of China's textile exports may fall in 1H 2012 after growth ground to a halt on crimped demand and increased costs last year, the China Textile Association said, adding that only 40% of the struggling textile factories in Guangdong province – the nation's textile production epicenter – reopened after the Chinese New Year. China's textile export quantity rose by just half a percentage point in 2011.
SNS Revenue to Hit ¥10b by 2014
Revenue from China's social networking services is expected to be ¥10 billion by 2014, iResearch predicted.
$1 = ¥6.32