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The recovery, the company's operating income, operating income, operating profit margin, cash income and net profit are the highest level ever. This is also the best annual performance of Vale. As the world's largest iron ore producer, China's iron ore demand has contributed to the performance growth of Vale. Hu Kai, a joint metal network analyst, told the "First Financial Daily" reporter that China is the largest customer of Vale's ore exports. In 2010, Vale exported China's iron ore and pellets to a total of 126 million tons, accounting for the company's iron ore worldwide. 42.9% of sales. Previously, two other major mining giants BHP Billiton and Rio Tinto have already announced their 2010 results, which also set their respective historical highs. Among them, BHP Billiton's net profit was as high as 17 billion US dollars, and Rio Tinto's profit also doubled to 14.3 billion US dollars. In the record-breaking performance of both, the profit contributed by the iron ore business is also huge. However, as the “food and clothing parents†of the mining giants, the profits realized by domestic large and medium-sized steel enterprises in 2010 were only 89.7 billion yuan, less than one-third of the total profits of the three major mining companies. Among them, the profits of the top 20 companies that make profits account for about 83% of them, and Baosteel's profits account for about 26%, while most of them are in a state of low profit or loss. The profit margin of sales of large and medium-sized iron and steel enterprises is 2.91%, far lower than the average of 6.2% of national industrial enterprises, far less than the three major mining giants. The profit gap in the same industrial chain is so large, one of the direct reasons is the continuous price increase of iron ore. According to the statistics of the Ministry of Industry and Information Technology, in 2010, China imported a total of 620 million tons of iron ore, down 1.4% year-on-year, and the external dependence of iron ore dropped from 69% in the previous year to about 63%. However, the average price of imported iron ore reached US$128/ton, up by US$40/ton from the previous year. To this end, the cost of importing iron ore from Chinese steel companies has increased by about 196 billion yuan. What is even more frustrating is that this gap is still growing, and this year's mine price is still rising, and the increase is also higher than the increase in steel prices. Since last year, the three major mines have consistently advocated shortening the iron ore pricing cycle from annual to quarterly. The quarterly pricing is mainly determined by the average spot price in the previous quarter. Based on the increase in mine prices in the first quarter, Vale executive director Jose Carlos Martins revealed at a performance conference in Sao Paulo last Friday that the iron ore contract price in the second quarter of this year rose by about 20%, with different grades of iron. The ore gains are slightly different. According to statistics from Steel Consulting and the steel index company The Steel Index, it is expected that Rio Tinto and BHP Billiton may increase the iron ore contract price by about 23% in the second quarter of this year. When the price of ore raw materials remained high, domestic steel prices began to rise and fall. The monitoring of the steel spot trading platform Xiben Shinkansen shows that the domestic steel price on Friday was 4,800 yuan / ton, down 100 yuan / ton from a week ago. For the embarrassment that domestic steel companies are facing today, UBS analyst Tang Yibo believes that part of the profits of the steel industry has been transferred to the upstream, and it is difficult to shift from the will of the people. "The right to speak is not to say that you want it, you must look at the fundamentals and the structure of the industry. In addition to looking forward to the balance of supply and demand in the future, from the perspective of itself, China's steel industry needs to adjust its own economic structure, pay more attention to quality rather than quantity, industry It should also continue to merge and integrate."
As the world's second largest diversified minerals company, Vale, announced its fourth quarter and full-year results for 2010, the record-breaking businesses of the three major mining companies have all come out, compared with the impressive performance of the three major mines. The 77 large and medium-sized steel enterprises statistics of the Steel Association only achieved a net profit of 89.7 billion yuan, less than one-third of the total profits of the three major mines. Vale's earnings report released on Friday showed that the company's annual net profit in 2010 was $17.3 billion, a record high in the mining industry, equivalent to $3.25 per share (on a fully diluted basis). Net profit for the fourth quarter of 2010 59 Billions of dollars also set a record for the fourth quarter of the calendar year. In addition, the company's operating income in the fourth quarter of 2010 was $ 15.2 billion, and total operating income in 2010 was $ 46.5 billion. Vale said that it benefited from the global economy and in addition, the company's operating income in the fourth quarter of 2010 was $ 15.2 billion, and total operating income in 2010 was $ 46.5 billion. Vale said that thanks to the global economy and the recovery of commodities, the company's operating income, operating income, operating profit margin, cash income and net profit are the highest levels ever. This is also the best annual performance of Vale. As the world's largest iron ore producer, China's iron ore demand has contributed to the performance growth of Vale. Hu Kai, a joint metal network analyst, told the "First Financial Daily" reporter that China is the largest customer of Vale's ore exports. In 2010, Vale exported China's iron ore and pellets to a total of 126 million tons, accounting for the company's iron ore worldwide. 42.9% of sales. Previously, two other major mining giants BHP Billiton and Rio Tinto have already announced their 2010 results, which also set their respective historical highs. Among them, BHP Billiton's net profit was as high as 17 billion US dollars, and Rio Tinto's profit also doubled to 14.3 billion US dollars. In the record-breaking performance of both, the profit contributed by the iron ore business is also huge. However, as the “food and clothing parents†of the mining giants, the profits realized by domestic large and medium-sized steel enterprises in 2010 were only 89.7 billion yuan, less than one-third of the total profits of the three major mining companies. Among them, the profits of the top 20 companies that make profits account for about 83% of them, and Baosteel's profits account for about 26%, while most of them are in a state of low profit or loss. The profit margin of sales of large and medium-sized iron and steel enterprises is 2.91%, far lower than the average of 6.2% of national industrial enterprises, far less than the three major mining giants. The profit gap in the same industrial chain is so large, one of the direct reasons is the continuous price increase of iron ore. According to the statistics of the Ministry of Industry and Information Technology, in 2010, China imported a total of 620 million tons of iron ore, down 1.4% year-on-year, and the external dependence of iron ore dropped from 69% in the previous year to about 63%. However, the average price of imported iron ore reached US$128/ton, up by US$40/ton from the previous year. To this end, the cost of importing iron ore from Chinese steel companies has increased by about 196 billion yuan. What is even more frustrating is that this gap is still growing, and this year's mine price is still rising, and the increase is also higher than the increase in steel prices. Since last year, the three major mines have consistently advocated shortening the iron ore pricing cycle from annual to quarterly. The quarterly pricing is mainly determined by the average spot price in the previous quarter. Based on the increase in mine prices in the first quarter, Vale executive director Jose Carlos Martins revealed at a performance conference in Sao Paulo last Friday that the iron ore contract price in the second quarter of this year rose by about 20%, with different grades of iron. The ore gains are slightly different. According to statistics from Steel Consulting and the steel index company The Steel Index, it is expected that Rio Tinto and BHP Billiton may increase the iron ore contract price by about 23% in the second quarter of this year. When the price of ore raw materials remained high, domestic steel prices began to rise and fall. The monitoring of the steel spot trading platform Xiben Shinkansen shows that the domestic steel price on Friday was 4,800 yuan / ton, down 100 yuan / ton from a week ago. For the embarrassment that domestic steel companies are facing today, UBS analyst Tang Yibo believes that part of the profits of the steel industry has been transferred to the upstream, and it is difficult to shift from the will of the people. "The right to speak is not to say that you want it, you must look at the fundamentals and the structure of the industry. In addition to looking forward to the balance of supply and demand in the future, from the perspective of itself, China's steel industry needs to adjust its own economic structure, pay more attention to quality rather than quantity, industry It should also continue to merge and integrate."