China’s top steelmaker, Baoshan Iron & Steel Co., Ltd. (Baosteel), reported its highest quarterly profit, which was supported by strong post-pandemic demand and global monetary policy stimulus.

The company’s net profit rose greatly by 276.76% to RMB 15.08 billion in the first half of this year compared to the same period last year. Also, it posted the second-quarter profit of RMB 9.68 billion, which hiked by 79% quarter on quarter.

Baosteel said the domestic economy performed well, so did downstream steel demand. The steel consumption in Europe and the US also rose significantly. Besides, steel prices are supported by the easing monetary policy and targets of cutting carbon emissions.

However, the company saw the steel price may ease in the second half of the year due to the uncertainty of pandemics and steel production reduction plans.