In the January-October period of the current year, large and medium-scale Chinese steelmakers, members of the China Iron and Steel Association (CISA), posted an aggregate gross profit of RMB 158.5 billion ($24.1 billion), down 4.5 percent year on year, with the declining pace slowing down from 9.46 percent recorded in the first nine months.
As stated by the CISA, in the January-October period of the current year China’s crude steel output amounted to 873.93 million mt, up 5.5 percent year on year, while inventory levels in China moved down by 7.8 percent as of the end of October compared to the end of September, though declining by 44.2 percent compared to March 10. Average import iron ore prices decreased to $118/mt on October 31, down by 4.06 percent month on month, while they moved on an overall rising trend in November, exceeding $130/mt as of November 30, up 11.9 percent month on month, while the composite steel price index (CSPI) rose by 2.9 percent year on year to 107.34 points as of October 31.
In the January-October period, CISA members registered an overall sales revenue of RMB 3.8 trillion ($0.6 trillion), up 7.2 percent year on year.
$1 = RMB 6.5921