Taiwan's China Steel stayed in the black for a fourth month running, but thinner margins show the profit is coming from volume, not price — mixed news for steel investors.

• July shipments topped 700,000 tonnes, the best month this year, and revenue rose from June.
• Profit still fell sharply from June because the company is earning less on each tonne it sells.
• For the first seven months, the company swung from a loss last year to a solid profit, driven by higher sales volume.
• Asian steel prices remain weak, while US and European prices stay high thanks to trade barriers, and Middle East fighting is keeping oil and steelmaking costs up.
• Taiwan's economy is the bright spot — booming AI demand pushed the official growth forecast for this year above 11%.

Outlook: Chinese mills cutting output, Vietnamese prices finding a floor, and shrinking local inventories point to a steadier steel market ahead.