China's performance in the steel industry has reached a record level since last year. In the first ten months of this year, the revenue of the Chinese steel industry reached RMB 5.88 trillion, up 40% from the same period of the previous year. Profit reached RMB 345 billion, up 108% year on year.
In the second half of the year, the Chinese steel industry faced challenges such as rising costs and decreasing demand. Since July, China's crude steel production has fallen continuously for four months. Crude steel production in October was 71.58 million tons, down 23.3 percent year on year.
Construction and manufacturing demand declined. China's steel demand is expected to show a slight decline this year.
In addition, the profits of the Chinese steel industry fluctuate as the market situation changes. Profit in October was RMB 25.9 billion, down more than half from May.
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