China's crude steel output rises 10.6%

China's crude steel output increased 10.6 percent year-on-year to 469.28 million tonnes in the first eight months, according to the National Development and Reform Commission (NDRC). The growth rate was 4.7 percentage points lower than that in the same period a year ago, the ministry said on its website. In August, the steel output rose 13.8 percent year-on-year,compared with a drop of 1.1 percent a year earlier. Steel prices edged up in August. The composite domestic price index advanced to 135.17 points, up 1.07 points from July, and 18.93 points from a year ago. Steel export dipped 250,000 tonnes from July to 4.19 million tonnes, while import increased 110,000 tonnes to 1.35 million tonnes. The steel industry earned 180.3 billion yuan (28.35 billion U.S. dollars) of profit in the first seven months, up 29.2 percent year-on-year.