SHANGHAI, Jul. 18 (SMM) – Major nickel producer Xinjiang Xinxin Mining Industry Co. is expected to post a big fall in first-half profits partly due to ``structural adjustment and slower growth’’ in China.
Net profits for the six months ended on June 30 ``is expected to decrease significantly’’ from a year ago, Xinjiang Xinxin told Hong Kong Stock Exchange on July 17.
Averaging selling prices of the company’s nickel and copper cathodes decreased by around 8.9% and 4%, respectively, from a year ago, it said, adding its output only decreased slightly.
The company believes the continuous decline in metals’ prices ``was attributable to the European debt crisis as well as the structural adjustment and slower growth of economy in the PRC’’, it said.