It’s reported that the Chinese steel industry posted falling gross profits for the first four months of this year, according to Wang Xiaoqi, deputy chairman of the China Iron and Steel Association (CISA). The monthly figures were RMB1.3 billion, RMB1.0 billion, RMB260 million and RMB150 million respectively from January to April. It’s analyzed that the oversupply was the main factors to impact the Chinese steel industry, Mr. Wang said. Mr. Wang indicated that China’s crude steel output totaled 258 million tons in the first four months of this year, increasing by 8.4% year on year.