Metals Industry: China's iron and steel industry record huge profits

China's iron and steel industry recorded a profit surge 30 per cent year on year to a record $22 billion in 2006, according to figures provided by the China Iron and Steel Industry Association.

China accounted for 33.79 per cent of the total global steel production, at 418.78 million tonnes of crude steel in 2006, up 18.48 per cent year on year. The country also accounted for 46.6 per cent of the total world pig iron production, at 404.17 million tonnes last year, up 19.78 per cent year on year.

China' stainless steel output jumped by 68 per cent year on year to 5.3 million tonnes, ranking the first in the world, figures released by the Chinese Special Steel Association said.
China emerged the world' largest exporter of steel last year, with an export volume of 43 million tonnes. China imported 2.5 million tonnes of stainless steel products in 2006, down 20.13 per cent.

However, there has been a fall in exports since December and the declining trend is expected to continue throughout the year.

Post: 2/10