(April to November), India's steel production reached 76.44 million tons, a year-on-year increase of 20%.

The main export products included oxyamino compounds, steel, and freight vehicles; and the main imported commodities were copper ore, milk and cream, logs and potash fertilizer.

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Hydrogen is expected to play a much larger role in China's decarbonization, especially in industries like steelmaking and aviation, where there are few clean energy alternatives, analysts said.

EU companies will also be able to export aluminum tariff-free.

Chinese authorities unveiled a plan to facilitate the development of the country's raw materials industry during the 14th Five-Year Plan period (2021-2025).

"Steel is a key foundation industry and it is absolutely essential that it receives practical support from the government," he said.