In the January-November period of the current year, Chinese steelmakers which are members of the China Iron and Steel Association (CISA) posted an aggregate gross profit of RMB 193.4 billion ($29.6 billion), up 3.2 percent year on year, shifting from a year-on-year decline of 4.5 percent recorded in the first ten months. According to a report issued by China’s National Development and Reform Commission (NDRC), Chinese crude steel output increased by 5.5 percent in the January-November period this year, while inventory levels in China moved down by 25.7 percent as of the end of November compared to the end of October, while declining by 58.6 percent compared to March 10.
As stated by the CISA, in the January-November period of the current year China’s crude steel output amounted to 961.16 million mt, up 5.5 percent year on year. Average import iron ore prices increased to $130.06/mt on November 30, up by 50.9 year on year, while the composite steel price index (CSPI) rose by 4.5 percent year on year, to 113.06 points as of November 30.
In the January-November period, CISA-member steelmakers registered an overall sales revenue of RMB 4.4 trillion ($0.67 trillion), up 8.7 percent year on year.
$1 = RMB 6.5325