According to a report issued by China’s National Development and Reform Commission (NDRC), Chinese crude steel output increased by 2.8 percent in the January-July period this year, while inventory levels in China edged up by 3.4 percent as of the end of July compared to the end of June, with the declining pace of Chinese steelmakers’ profitability in the first seven months of the current year slowing down further.
In the January-July period of the current year, CISA-member steelmakers posted an aggregate gross profit of RMB 86.87 billion ($12.7 billion), down 28.6 percent, with the declining pace 7.8 percentage points slower than that recorded in the first half this year.
As stated by the CISA, in the January-July period of the current year China’s crude steel output amounted to 593.17 million mt, up 2.8 percent year on year. Average import iron ore prices increased to $106.53/mt in July this year, up 5.7 percent month on month, while average steel prices rose by 1.5 percent month on month in the given month.
In the January-July period, CISA-member steelmakers registered overall sales revenues of RMB 2.47 trillion ($0.36 trillion), up 3.3 percent year on year.