Nov. 27, 2012 (China Knowledge) - China, the world's largest steel producer, saw its crude steel output increase 2.1% YoY to 602.23 million metric tons in the first ten 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 6.3% YoY to 789.45 million metric tons in the first ten months, slowing from a 13.7% increase in the corresponding period of last year.
China exported 45.78 million metric tons of steel products in the ten-month period, up 11.8% YoY, while its import of steel products hit 11.55 million metric tons, down 12.2% YoY.
In October, China's steel prices experienced growth, with the domestic composite steel price index rising 4.84 points from September to 105.31. The prices of 20-mm steel sheets and 1-mm cold-rolled coils were RMB 3,683 per metric ton and RMB 4,568 per metric ton, up 4.2% and 2.5% MoM or down 19.9% and 15.9% YoY, respectively.
The steel industry realized RMB 91 billion in profit in the first nine months, 54.3% less than in the same period of last year. The ferrous metal mining and dressing sector booked a profit of RMB 65.9 billion, down 5.5% YoY, and the steel smelting and processing sector recorded profit of RMB 20.4 billion, 82.1% less than in the corresponding period of 2011.