Oct. 25, 2012 (China Knowledge) - China, the world's largest steel producer, saw its crude steel output increase 1.7% YoY to 542.34 million metric tons in the first nine months of this year, according to the latest statistics released by the National Development and Reform Commission
The commission said that the country's output of steel products rose 5.7% YoY to 708.28 million metric tons in the first nine months, slowing from a 13.19% increase in the corresponding period of last year.
China exported 40.94 million metric tons of steel products in the nine-month period, up 10.2% YoY, while its import of steel products hit 10.52 million metric tons, down 12% YoY.
In September, China's steel prices experienced drops, with the domestic composite steel price index falling 3.92 points from August to 100.47. The prices of 20-mm steel sheets and 1-mm cold-rolled coils were RMB 3,534 per metric ton and RMB 4,455 per metric ton, down 2.6% and 2.5% MoM, or down 27.5% and 19.8% YoY, respectively.
The steel industry realized RMB 82 billion in profit in the first eight months, 53.4% less than in the same period of last year. The ferrous metal mining and dressing sector booked a profit of RMB 56.9 billion, down 4.9% YoY, and the steel smelting and processing sector recorded profit of RMB 19.3 billion, 81.1% less than in the corresponding period of 2011.