That month, a high-speed train linking Beijing and Chengde city in Hebei went into operation.

Even if inflation rises in the future, as long as such a rise remains moderate, the benefits to the economy will outweigh the negative impacts.

Deng Jun, executive vice-president of Aux Group, said, "The rising prices of aluminum, copper and steel (iron ore) have forced us and the whole industry to raise product prices."

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

In the January-March period, crude steel output rose 15.6 percent year on year to 271 million tonnes.

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.

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