China's steel output slows amid price fall in Jan.-Sept.

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Oct 2008

China's rolled steel output slowed in the first three quarters, while the price fell gradually after reaching the peak in early July, said a report published by the National Development and Reform Commission (NDRC) on Thursday. According to the report, the national crude steel output amounted to 390.95 million tons in January-September, up 6.2 percent on year, which was 11.4 percentage points lower than the growth of the same period last year. Steel product output totaled 445.15 million tons,up 8.1 percent, 15.9 percentage points lower.
The country's steel product export slid 2.1 percent to 48.5 million tons, while the import dropped five percent to 12.32 million tons. However, the import of iron ores increased 22 percent to 346.11 million tons.
In the same period, the steel price fell gradually after reaching the peak in early July.
The prices of 6.5 mm wire rod, 10mm medium plate and 0.5 mm cold rolled sheet were 4,777 yuan/ton, 5,763 yuan/ton and 6,628 yuan/ton at the end of September respectively, falling 5 percent, 8.7 percent and 5.2 percent from the end of the previous month, but rising 22.6 percent, 20.4 percent and 21.4 percent on year.
In the first eight months, the metallurgical industry achieved a total profit of 248.5 billion yuan, up 57.1 percent.

Source: China Mining