Steel sees average wholesale price rise

THE average wholesale price of steel products in China, the world's largest user of the metal, rose 7.7 percent in July from a year earlier.

The price gained 0.1 percent from June, the People's Bank of China said in a statement on its Website yesterday, without specifying the amount. Iron-ore prices rose 12.2 percent in July from a year earlier, and were 0.5 percent higher than June. The central bank monitors commodity prices and reports them on a monthly basis, without providing reasons for changes. Rising steel prices in China have benefited makers of the metal, including Wuhan Iron & Steel Co, which said on Thursday that first-half profit almost tripled.