The boom period for the Chinese steel industry has come to an end and profit margins are at risk amid a glut of crude steel in the domestic market, Baosteel chairman Xu Lejiang told the ongoing Baosteel Annual Academic Meeting. “The curtain on mergers and acquisitions has been drawn now that upstream mining and the downstream auto and ship making indus...

The mining association of Hainan province has discovered a 25,400 ton molybdenum reserve valued at US$14.61 billion (RMB100 billion), Xinhua reported. The local authority says it is the largest nonferrous metal discovery in the province and will be among the top ten molybdenum mines across the country. Hainan Jinzhoucheng Molybdenum Co has extraction rights....

Senior managers at four Chinese steel mills, including Beijing Shougang (000959.SZ), Angang Steel (000898.SZ), Hebei Iron & Steel Group and Shandong Iron & Steel Group, have said they will cut production by 20% this year, the Securities Times reported. Bohai Securities steel analyst Ma Tao said the scaleback “could be due to fewer orders”...