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The member mills – which are mainly medium to large-sized steelmakers – recorded a combined profit of 3.1 billion yuan ($504 million) in August, compared with 2.3 billion yuan ($374 million) in July.

Chinese domestic rebar prices were at 3,570-3,660 yuan ($581-595) per tonne in Beijing on August 30, 80-90 yuan ($13-15) per tonne higher than prices on August 2, according to Steel First pricing archive.

During the first eight months of this year, accumulated profit of Cisa member mills reached nearly 8.1 billion yuan ($1.3 billion), reversing losses seen during the same period of last year, according to Cisa figures.