(Yicai Global) Oct. 26 -- China's production of crude steel will surpass 1 billion tons this year, according to an industry association.

Output will rise from 3 percent to 5 percent from a year earlier, the China Iron and Steel Association predicted today.

Last month, the alloy's price index was 9 bips down from a year ago. The benchmark has been rebounding since April.

China's export volume of steel products will drop about 15 percent while imports will slump by about 60 percent, the CISA added. Large iron and steel firms should make CNY180 billion (USD26.9 billion) in profits this year, slightly down from a year ago.

Editor: Emmi Laine