According to
China's Ministry of Industry and Information Technology (MIIT), in 2011 the profit margin of Chinese large and medium-sized steel enterprises was 2.42 percent, down 0.58 percentage points compared to 2010, far below the average profit margin of 6.47 percent for large domestic industrial enterprises with annual turnovers of over RMB 5 million ($793,651).
In October and November of 2011, the profit margins of large and medium-sized steel enterprises in
China were respectively 0.47 percent and 0.43 percent, lower than any other month since June 2009.
Meanwhile, in 2011 the average iron ore import price at Chinese ports was $163.8/mt CFR, up 27.1 percent year on year.