BAOSHAN Iron & Steel Co. Ltd.(Baosteel), China’s top-listed steelmaker, reported its highest ever quarterly net income Friday, helped by the post-pandemic demand recovery and global monetary policy stimulus. Net profit surged 276.76 percent to 15.08 billion yuan (US$2.33 billion) in the first half of the year from the same period a year earlier, a company filing to the Shanghai Stock Exchange showed. That indicates a second-quarter profit of 9.68 billion yuan, up 79 percent from the first quarter, Reuters calculations show. “In the first half the domestic economy was good and downstream steel demand was robust,” the company said, noting steel consumption in Europe and the U.S. also rose significantly. Fuelled by easing monetary policy and carbon emissions reduction targets, steel prices also jumped, Baosteel added. In the first six months of 2021, the company produced 22.74 million tons of iron and 26.23 million tons of steel. China’s steel sector was one of the best performers this year amid sky-rocketing commodity prices, propped up by global economic stimulus and supply concerns as the country vows to limit annual crude steel production to reduce carbon emissions. Prices for steel rebar used in construction and hot-rolled coils for manufacturing products both hit record highs in mid-May and had gained 18 percent and 26 percent, respectively, so far this year. Other listed arms under Baosteel’s parent China Baowu Group also logged a stellar first half, seeing their net profit soaring from four-fold to more than 20 times. (SD-Agencies) | 