Chinese steel industry sees 14.4 percent rise in profit in Jan-May

China's National Development and Reform Commission (NDRC) reported on Tuesday that the domestic steel industry indicated a year-on-year increase of 14.4 percent in net profit, reaching RMB 120.6 billion ($18.6 billion) in the first five months of 2011. The y-on-y change was down 514.1 percentage points compared to the y-on-y change in the corresponding period of 2010.
 
The report also indicates that in the first half of 2011, China's crude steel output reached 350.54 million mt, up 9.6 percent year on year, 11.5 percentage points lower than H1 2010; output of finished steel products was 437.41 million mt, rising by 12.8 percent year on year, 13.3 percentage points lower than H1 2010. Meanwhile, Iron ore imports grew by 8.1 percent to 334.25 million mt, while semis imports swelled by 6.8 percent to 280,000 mt; Exports of finished steel and coke respectively climbed 3.2 percent and 75.2 percent to 24.33 million mt and 2.45 million mt, all are compared to the corresponding period of last year. In addition, the domestic average steel price index was 135.2 in June, slightly down by 0.84 from the previous month but up 18.33 year on year.