China's performance in the steel industry gained a record high since this year. In the first ten months of this year, the revenue of China's steel industry reached RMB 5.88 trillion, increasing by 40% compared to the same period a year ago. The profit gained 108% year on year, reaching RMB 345 billion.

In the second half of the year, China's steel industry will face challenges such as cost rising and demand reduced. Since July, China's crude steel output has declined continuously for four months. The crude steel output in October was 71.58 million tons, a year-on-year decrease of 23.3%.

The construction and manufacturing demand have decreased. China's steel demand was expected to be flat or slightly drop this year compared to 2020.

Besides, as the market situation changes, the profit of China's steel industry fluctuates. The profit in October was RMB 25.9 billion, which decreased more than half from that in May.