Chinese steel producer Baowu Group Xinjiang Bayi Iron and Steel Company (Bayi Steel Company) has announced that its net profit is expected to rise by RMB 1.207 billion ($0.19 billion) in the first half of the current year, up 1,744 percent year on year.
In the given period, steel prices indicated sharp year-on-year rises due to the low base in the previous year and the recovery seen in the steel market in the first six months of the current year.