China's steel production expands steadily in Jan-Nov

BEIJING - China's steel output posted steady growth in the first 11 months amid increasing market demand while the steel enterprises saw shrinking profit due to rising cost, according to an industry association.

Crude steel output totaled 904 million tons in the first 11 months, up 7 percent year-on-year, while the output of cast iron went up 5.1 percent from a year ago to 739 million tons, showed data from the China Iron and Steel Industry Association (CISA).

Despite the rising output, China's steel enterprises reported declining efficacy due to higher costs of raw materials and environmental protection as well as the lower sales prices of steel products.

The aggregate profit of the CISA members totaled 158.8 billion yuan ($22.7 billion) in the first 10 months, 34.1 percent lower than the same period a year ago.

Meanwhile, the export and import of steel products decreased by 6.5 percent and 11 percent in Jan-Nov period, respectively, showed the CISA data.