More measures are expected to be put in place to battle China's sluggish steel and iron market as major producers experience a slump in profits, industry officials and experts said.

"Steel and iron producers should step up efforts in expanding markets, optimizing business structures, and increasing the added value of their products to achieve more profits," said Qu Xiuli, deputy head of the China Iron and Steel Association (CISA), a national group consisting of steel companies, institutions, and organizations.

CISA data showed their member companies have seen a 32 percent drop in profits, which totaled 146.6 billion yuan ($20.75 billion), for the first nine months of this year.