Chinese commodities producers centered on the old economy are still bearing the brunt of the nation’s economic slowdown, with steelmakers and crude oil processors in particular continuing to rack up losses.
Cumulative lossesBloomberg Terminal in the world’s biggest steel industry swelled to 34 billion yuan ($5 billion) over the first nine months of the year, according to data for September released by the statistics bureau on Sunday. The oil refining sector saw losses deepen to 32 billion yuan over the period. Profits at industrial firms more broadly declined at a faster pace than a month earlier.