[Ferro-Alloys.com] More measures are expected to be put in place to battle China's sluggish steel and iron market as major producers experience a slump in profits, industry officials and experts said.
"Steel and iron producers should step up efforts in expanding markets, optimizing business structures, and increasing the added value of their products to achieve more profits," said Qu Xiuli, deputy head of the China Iron and Steel Association (CISA), a national group consisting of steel companies, institutions, and organizations.
China's iron and steel industry reported business revenue growth of 8.9 percent year-on-year in the first eight months, official data showed.
Business revenue hit 5.58 trillion yuan ($788.7 billion) in the first eight months, according to a statement by the Ministry of Industry and Information Technology.
European steel indicative margins did not improve in October from September, as lower regional HRC steel prices offset cost advantages from declines in iron ore pellet premiums and scrap, according to an analysis.