China's Steel Mills Profits Up 9% Month-on-month in Oct.  

China's 70 medium and large-sized steel plants together achieved profits of 6.7 billion yuan in October, 9 percent more than the previous month, according to the China Iron and Steel Association (CISA). However, among these enterprises, 20 percent incurred losses, compared with 14.29 percent in September. In the first ten months, they accumulatively achieved profits of 36.7 billion yuan, down 53.7 percent year on year, data from the National Bureau of Statistics show.

The domestic medium and large-sized steel mills realized sales revenue of 1,555.36 billion yuan in the January to September period, down 24.39 percent from the same period of last year, and gained profits of 29.97 billion yuan, down 77.65 percent.

Analysts note that the steel industry's profit rise was attributable to recovering steel prices, adding that there is also one more day in October than in September. A report from Umetal.com said that China's medium and large-sized steel enterprises made a profit of 165 yuan for each metric ton (tonne) of steel produced in October, up ten yuan from September.