The average steel price in China was quoted at RMB 3670/t (US$576.0) on Aug. 21, hitting a three-year low, according to the Xinben New Line, a domestic steel spottrading platform.

Steel prices still faced downward pressure in the short term.
Profitf for China’s iron and steel industry plunged 49.4% from a year earlier to RMB 66.4bn (US$10.4bn) in the first half of 2012, according to the NDRC.

Source: China Metals e-mail