SHANGHAI, Aug. 1 (SMM) – China Hanking Holdings Ltd. expects to register a sharp decline in its net profit for the first half of this year, due to falling iron ore concentrate prices and rising selling costs of iron ore concentrate, the company said in a statement filed to Hong Kong Stock Exchange.

The company’s selling price of iron ore concentrate fell nearly 11% year-on-year in the first six months, and its cost of iron ore concentrate sales increased. “Such adverse effects outweighed the positive outcome brought from a substantial increase of approximately 21% in the sales of the iron ore concentrates”, the company said in the statement.

Hanking disclosed in a statement earlier that its iron ore concentrate output grew to a record high of 921,500 tonnes in H1, and sales volume of the steelmaking ingredient hit 939,300 tonnes.