"Producers' cautious stance is in line with our expectation as they are facing close to cash cost level prices." . Maanshan Iron & Steel Co. , the second biggest Chinese mill listed in Hong Kong, probably had its best earnings for the year in the third quarter, Morgan Stanley analyst Charles Spencer said Oct. 28. The mill said Oct. 27 that third quarter profit rose 2 percent to 802.3 million yuan. The Chinese government is working on plans to close obsolete mills and promote mergers, Deng Qilin, chairman of the steel association, said Oct. 13. Some mills have incurred losses at current prices which won't rebound this year, he said.
"Producers' cautious stance is in line with our expectation as they are facing close to cash cost level prices." . Maanshan Iron & Steel Co. , the second biggest Chinese mill listed in Hong Kong, probably had its best earnings for the year in the third quarter, Morgan Stanley analyst Charles Spencer said Oct. 28. The mill said Oct. 27 that third quarter profit rose 2 percent to 802.3 million yuan. The Chinese government is working on plans to close obsolete mills and promote mergers, Deng Qilin, chairman of the steel association, said Oct. 13. Some mills have incurred losses at current prices which won't rebound this year, he said.
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