Commodities
Chinese Commodities Firms Bear the Brunt of a Slowing Economy
- Oil refining the country’s worst-performing sector last year
- Steelmakers and coal miners also see large drops in profit
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Chinese industrial profits show commodities producers ending 2024 at the bottom of the pile. This year’s looking no better.
Crude oil processors, steelmakers and coal miners were the country’s least profitable enterprises during a tough year for industry that could get worse if a trade war erupts with the US. Overcapacity has compounded the impact of China’s slowing growth on these stalwarts of the old economy, while shifts in energy policy have also weakened the outlook.