China’s crude steel output increased 8.9% year-on-year to 683.27Mt in 2011, a reduction of 0.4% compared with the growth rate of 2010, according to the latest data provided by the National Development and Reform Commission (NDRC), the country’s top economic planner.

The NDRC said that also growth of rolled steel slowed by 2.4% to 881.31Mt, but total output increased 12.3% y-o-y.

China’s imports of iron ore rose 10.9% year-on-year to 686.06Mt in 2011, while exports of steel products amounted to 48.88Mt, up 14.9% y-o-y.

Steel prices continued to decline in December 2011, with the steel price composite index falling to 120.95 points, down 1.44 points from November. The index wavered between 130.74 points and 136.04 points in the first three quarters of last year.

The profit of China’s iron and steel industry in the first eleven months of 2011 amounted to RMB265.2bn, (US$42.1) say NDRC In January- November 2011, the profit is 29.9% higher over the same period a year earlier, but the rate of growth is 33.2% lower.

Source: China Metals e-mail