Higher iron ore prices and declining steel prices have led to large and mid-sized Chinese steelmakers incurring big losses of CNY 21.68 billion (US$3.4 billion) during H1 2015, according to the China Iron and Steel Association (CISA).

Losses during H1 2014, claims CISA, were CNY16.78 billion (US$2.7billion). An estimated 36% of CISA members were in the red in H1 2015 and China’s crude steel production was down 1.3% year-on-year at 410Mt during H1 2015 – it’s first decline in 20 years, according to CISA.

China reached its peak in terms of crude steel output in 2014, claims CISA.