Total profits in China's steel industry may exceed 20 billion yuan in July, the Shanghai Securities News reported, citing an unnamed source from the China Iron and Steel Association.

July also saw the highest monthly price increases for steel in the last eight years, and the combined index for Chinese steel prices rose 11.9 percent in July, according to Mysteel.com, an industrial information provider.

Analysts say the industry profits may reach 100 billion yuan this year, provided steel prices remain stable for the rest of the year. That will be far more than last year’s 84.6 billion yuan in total profits.