The China Iron and Steel Association (CISA) has announced that in the first seven months of the current year the aggregate gross profit of its member enterprises amounted to RMB 4.943 billion ($808 million).
Meanwhile, in the given period the sales revenues of the steel producing enterprises in question totaled RMB 2.1059 trillion ($344.1 billion), up 1.02 percent year on year. In July alone, the aggregate gross profit of CISA member enterprises amounted to RMB 2.301 billion ($376 million).
In the January-July period this year, China's total finished steel exports reached 35.83 million mt, up 13.7 percent year on year. Meanwhile, the country's finished steel export volume in the month of July indicated its third consecutive month-on-month decrease due to weak demand in the global market and trade conflicts.
The CISA expects that in the second half of the current year China's steel industry will see a slight recovery in demand while crude steel output is expected to rise seven percent year on year, with the problem of oversupply continuing to impact the domestic steel industry.