Sep. 21, 2012 (China Knowledge) - China, the world's largest steel producer, saw its crude steel output decreased 1.7% YoY last month, compared with a 13.8% growth in the same period of 2011, according to the latest statistics released by the National Development and Reform Commission
In the first eight months, the country's crude steel output climbed 2.3% YoY to 481.57 million metric tons. The growth rate was 8.3 percentage points lower than that in the same period of last year.
The reform commission said the country's output of steel products rose 5.7% YoY to 627.7 million metric tons in the first eight months, slowing from a 13.1% increase in the corresponding period of last year.
China exported 35.79 million metric tons of steel products in the eight-month period, up 8.6% YoY, while its import of steel products hit 9.32 million metric tons, down 12.3% YoY.
In Aug, China's steel prices experienced downward pressure. The prices of 20-mm steel sheets and 1-mm cold-rolled coils were RMB 3,629 per metric ton and RMB 4,567 per metric ton, down 8.4% and 4.2% MoM, or down 26.6% and 17.4% YoY, respectively.
The steel industry realized RMB 79.3 billion in profit in the first seven months, 48.3% less than in the same period of last year. The ferrous metal mining and dressing sector booked a profit of RMB 49.2 billion, down 3% YoY, and the steel smelting and processing sector recorded profit of RMB 24.2 billion, 73.2% less than in the corresponding period of 2011.