Sales revenues of the enterprises reached 1.54 trillion yuan, up 52.28 percent compared with a year ago, showed the data.

Market analysis says higher steel prices could also benefit decarbonization initiatives in the industry.

The measures will go into effect on June 1, the ministry said.

In 2020, crude steel output rose by 5.2 percent year on year to exceed 1.05 billion tonnes, according to the China Iron and Steel Association.

Export tariffs on ferrosilicon, ferrochrome, high-purity pig iron would be raised to 25 percent, 20 percent and 15 percent, respectively.

A reading above 50 indicates expansion, while a reading below reflects contraction.

The PMI for China's non-manufacturing sector moderated to 54.9, down 1.4 percentage points from March.

Tariffs on exports of products such as ferrosilicon, ferrochromium, and high-purity pig iron will be raised temporarily to a rate of 25 percent, 20 percent, and 15 percent, respectively.