Adhering to green and intelligent development is fundamental to the healthy development of the steel industry in China, he said.

ferro-alloys.com:Steel prices of China fall on Beijing's winter output cuts

China has been creating steel conglomerates and investing in new mills and cutting-edge technologies for the industry.

The World Steel Association (worldsteel) released its Short Range Outlook (SRO) for 2019 and 2020.

Zhanjiang is now promoting the construction and production of its steel and petrochemical industries.

The agreement will establish a multi-level commodity trading market system and win China more of a say in the pricing of metals.

He also points out that the deal comes at a weak point in the steel sheet market cycle.

Steelmakers were announcing price increases to try to reverse the trend.