Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.
The member mills swung to their first loss of the year in June, at 699 million yuan ($113 million). The stronger performance in July was due to higher finished steel prices during the month, Cisa said.
Domestic hot rolled coil prices were at 3,620-3,640 yuan ($587-591) per tonne in Shanghai on July 26, up by 170-180 yuan ($28-29) per tonne from prices on June 28, according to Steel First price archive.
Meanwhile, domestic rebar prices saw more significant increases during the same period, with prices up by 200-240 yuan ($32-39) per tonne in Beijing market.
During January-July, accumulated profit of Cisa member mills, which are mainly medium to large-sized steelmakers, reached 4.94 billion yuan ($801 million), up nearly 600% compared with 710 million yuan ($115 million) over the same period of last year, according to Cisa figures.
Member mills of China Iron & Steel Association (Cisa), recorded a combined profit of 2.3 billion yuan ($373 million) in July, reversing losses seen in June, the assn said on Thursday August 29.