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Baoshan Iron & Steel Co Ltd (Baosteel), China's top steel producer, posted a net profit of 9.65 billion yuan ($1.41 billion) for the first half to June, up 18.2 percent from a year earlier, as higher prices and sales offset increased raw material costs.

Revenue was 103.64 billion yuan for the first half, up 10.1 percent from a year earlier.

Baosteel said it sold 12.83 million tons of steel billet in the first half, versus 10.83 million a year earlier.

Prices of iron ore and coking coal, among other raw materials, have risen sharply. The company said operating costs totaled 91.07 billion yuan, up 10.3 percent year-on-year.

Earnings per share was 0.55 yuan for the first half, against 0.47 yuan in the same period of 2007.

Baosteel said it expects production costs to rise further in the second half, due to iron ore and coking coal costs.

Demand for steel in some downstream industries is likely to slow as a result of the government's restraints on fixed-asset investment.

"Domestic steel prices are expected to reamin stable," the company said.

Baosteel said its revenue target is 200 billion yuan this year. It made no profit forecast for the second half.