Major Chinese steelmakers see profits rise 61% in January-October

China's major mills posted a 61% year-on-year increase in combined profits over the first ten months of 2014, thanks to falling iron ore costs.

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Members of the China Iron & Steel Assn (Cisa), which are mainly medium-sized and large steelmakers, recorded a profit of 22.656 billion yuan ($3.68 billion) in January-October, compared with 14.043 billion yuan ($2.28) over the same period a year ago.

This was disclosed by Li Xinchuang, Cisa's deputy secretary-general, at a conference on Saturday December 6.

The steep fall in iron ore prices contributed to the improved profitability, he said.

Metal Bulletin's index for 62% Fe seaborne iron ore averaged at $102.05 per tonne cfr China during January-October of this year, down nearly 25% from an average price of $135.85 over the same period of last year.

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