Chinese steel majors post record profits for June

71 of its largest Chinese mills have posted a combined profit of CNY 3.55 billion (USD 520 million) in June, the second monthly gain after seven straight months of losses.

The Ministry of Industry and Information Technology in a statement on its Web site said that for the first five months of 2009, the mills have a combined profit of CNY 17.9 billion down by 87% YoY.

Chinese steelmakers are benefiting from a revival in demand as fixed-asset investments and auto purchases surge because of the government¡¯s CNY 4 trillion stimulus. Baosteel Group Corp., the largest Chinese mill, is raising prices for August delivery after describing the economic slowdown since October as its most difficult period in 30 years.

Crude steel production in China rose to a record 266.6 million metric tons in the first half and it is estimated that the annual output would be 16% higher than the 460 million tonnes forecasted by the China Iron & Steel Association earlier in the year.

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