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Slowing demand growth in the steel industry will be lower than the cost price rise

    Held on Wednesday earnings call, Angang Steel Company Limited (000898.SH, 0347.HK) vice chairman and general manager of Ping Fu Tang expects the second half of the domestic steel industry, the overall demand will slow down.booster cables Executive Director of the company will pay Ji said, adding that the first half of the domestic consumption of iron and steel industry increased 16.3%, but the second half is expected to slow to 13%.

    Fu Ji will say,battery clip in the second half as the rise in prices of coal and ore, the company will increase the cost burden. First half of the average price of coking coal was 990 yuan / ton, and in August the price reached 1,800 yuan / ton.tow rope Steel price in the first half average price of 5,200 yuan / ton, in August reached 6,000 yuan / ton, ratchet tie dowm is expected in the third quarter average selling price of steel will reach 5800-5900 yuan / ton. He expects growth in the second half will be lower than the cost price rise, and the first half of the opposite.

    However, he did not comment directly on whether the second half than the first half of the gross profit margin decline. Anshan Iron and Steel products in the first half of the average gross margin was 27.8%, 26.5% higher than last year's increase.

    In addition, Angang New Project - Bayuquan steel branches have been put into production. This year in April, the project's first steel project has started production of coke. Fu Ji will say that different test items are completed, the new Bayuquan project will bring benefits to growth next year. The project is planned in 2005 to invest 22.6 billion, but the materials and equipment costs have risen sharply, resulting in project cost overruns, all the factory is expected to be completed will require a total of 280-290 billion yuan.

    Angang Steel Company previously announced interim results show that the first half of the company's net profit 5.992 billion yuan, an increase of 24.78%; iron, steel, timber production and sales revenue, gross profit and other targets were a record level.

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