Mr Liu Zhengjiang vice president of China Iron and Steel Association expressed recently that China large and medium-sized steel mills have earned CNY 300 million in October, 2012, reversing losses seen in previous months.

But if put steel business profit into calculation alone, the profit would still be in red. Besides, 26% of those large and medium-sized steel mills confronted a deficit in October as well.

He also pointed out that CISA member steel mills have suffered an aggregate loss of 5.5 billion yuan in the first nine months of this year, and the fact is the actual loss is more severe.