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The Indian government said on Tuesday that the country's coal production increased 29 percent year-on-year to 66.58 Million Ton (MT) in April amid a power shortage due to lesser stocks of coal available at thermal power plants.

"The previously pent-up steel consumption will not disappear. It will only be delayed," Shi said.

Facing the pressure of increasing uncertainties in the global energy market caused by geopolitical conflicts, China has pledged maximum efforts to safeguard its energy supply.

The Boao Forum for Asia (BFA) Annual Conference 2022 which ended on Friday was closely watched by business runners and scholars worldwide as the global economy desperately needs impetus and certainty.

New energy generated from renewables gains more ground as private firms, SOEs up efforts.

Sinosteel Cam S.A. estimates that at least 600 direct jobs and more than 1,000 indirect jobs will be created through the project.

Data from the National Bureau of Statistics showed the country's raw coal output rose 10.3 percent year-on-year to 1.08 billion metric tons in the first quarter.