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

The Shanghai based company said in a statement to the Shanghai stock exchange said steel prices were higher than expected and the strong Chinese currency also helped.

The steelmaker raised prices in October for its benchmark products for the first time in five months, as falling output in the nation trimmed oversupply. Baoshan Steel forecast its nine month profit may rise 140% over last year.

(Sourced from China Daily)