Sales at Taiwan's China Steel fell by 4pc in the first half of 2017
Steel sales totalled 5.37mn t in this year's first six months, down from almost 5.6mn t in January-June 2016. Almost all the decline occurred in the second quarter, after sales in January-March were little changed from a year earlier at about 2.7mn t. The drop accelerated in June, when volumes tumbled by 11pc to less than 846,000t.
About 32pc of China Steel's first-half sales were exports, up slightly from 31pc a year earlier. Steelmakers in Asia-Pacific are benefitting from a restructuring of China's steel industry, which is easing a capacity glut and contributing to higher market prices.
China Steel's first-half revenue rose by 22pc year on year to NT$167.8bn ($5.53bn), as higher prices outweighed the impact of lower sales. Operating profit climbed by 26pc to T$11.6bn.