Xinhua quoted according to the latest data provided by the country top economic planner that China crude steel output increased 8.9%YoY to 683.27 million tonnes last year, 0.4 percentage points slower than the growth rate of 2010.

The National Development and Reform Commission said in a statement that the 2011 rolled steel production growth also slowed by 2.4 percentage points to 881.31 million tonnes up by 12.3%YoY.

The NDRC quoted customs data as saying China imports of iron ore rose 10.9%YoY to 686.06 million tonnes last year while exports of steel products amounted to 48.88 million tonnes up by 14.9%YoY.

According to the NDRC steel prices continued to decline in December 2011 with the steel price composite index falling to 120.95 points down 1.44 points from November. The index wavered between 130.74 points and 136.04 points in the first three quarters of last year.

The NDRC latest data showed the steel industry posted a combined profit of CNY 295.2 billion in the first 11 months of 2011 up by 29.9%YoY.

(Sourced from Xinhua)