Bloomberg reported that Baoshan Iron & Steel Co China biggest publicly traded steelmaker profit for the first nine months may have risen by between 170% and 190%t from a year ago more than earlier forecast.

The Shanghai based company said in a statement to the Shanghai stock exchange that steel prices were higher than expected and the strong Chinese currency also helped. Profit for the nine months ended September 30th last year was CNY 3.7 billion.

The steelmaker in October raised prices for its benchmark products for the first time in five months as falling output in the nation trimmed oversupply. Baoshan Steel in August forecast its nine month profit may rise 140% to 160% from a year ago.

(Sourced from Bloomberg)