The remarks came after the association reported weakening demand of steel materials and high prices of raw materials used in production like coking coals.

The industrial profit data covers large firms with annual revenues of at least 20 million yuan from their main operations.

Therefore, China's macroeconomic policies should continue to focus on expanding infrastructure investment and stabilizing real estate investment.

The 2211 ferrosilicon contract price on ZCE closed at 8046 yuan per ton on November 2.

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It was expected that the operation would continue to be weak in the short term.

The 2211 ferrosilicon contract price on ZCE closed at 7910 yuan per ton on November 1.