China Metallurgical News reported that the three largest mills in Jiangxi Province, Xinyu Steel, Pingxiang Steel and Nanchang Steel, made CNY 275 million of profits in the H1 of this year occupying 16% of the total profits by nation wide large mils which made CNY 1,725 million.

The province still met fast growth in steel production in January to July. In detail, Jiangxi produced 7.8145 million tonnes of pig iron up by 27.7% YoY, 8.498 million tonnes of crude steel up by 11.9% YoY and 8.6615 million tonnes of steel products up by 12.1%YoY respectively.

As steel price hiked to new yearly high since July, the province made further increment in the earning in July and realized CNY 643 million of pre tax profit up by 77.08% from June including CNY 402 million of profit up by 44.6% from June.

During January to July, Jiangxi steel industry accumulatively posted CNY 44,145 million of revenue, CNY 2,702 million of pre tax profit and CNY 912 million of profit presenting a good development. Meanwhile, the key steelmakers also carried out efficient efforts in de stocking, taking July for instance local three largest mills lowered their stocks to 0.1744 million tonnes in July down by 39.6% from the month before.

(Sourced from China Metallurgical News)