Recent data released by the National Development and Reform Commission has indicated that profits in the Chinese steel industry have risen by 14.4% in the first five months of the year, when compared to the same point last year.

The steel industry in China achieved profits of CNY 120.6 billion in the first five months this year.

The data also demonstrates that the Chinese crude steel output during the first half of the year has hit an astonishing 350.54million tonnes, which is up 9.6% on the same period last year.

Domestic steel prices in June witnessed slight falls with average composite index at 135.2 points down by 0.84 point over previous month and up 18.33 points from the same period last year.