Chinese steel mills profit in July may hit USD 2.9 billion

An official of the China Iron and Steel Association as saying that Chinese steel industry's profit in July may have exceeded CNY 20 billion its largest monthly gain in eight years as domestic prices rose.

The paper added that if steel prices remain stable, full year profit for the industry could be CNY 100 billion exceeding the previous year's CNY 84.6 billion.

The industry remains locked in protracted price negotiations with global iron ore miners, however as it seeks greater price reductions than those achieved by other steelmakers.

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