But demand for long steel products is set to remain subdued, given the poor demand outlook from the construction sector, Zuo added.

Many companies in what are considered to be sunset industries have actually regained their vitality through innovation and transformation.

The CBAM puts a price on the carbon emitted during the production of carbon intensive goods entering the EU. It started trial operation in October last year, and will be implemented from 2026 onward.

Established with a donation of $5.81 million from Vale, the joint laboratory will be open to all the researchers from the mining and steel industry from today, it said.

They made their comments during a news conference held by the State Council Information Office on Thursday.

?Ordos in North China's Inner Mongolia autonomous region, served as China's Earth Hour host city which falls on Saturday.

Foreign direct investment in China's high-tech manufacturing sector jumped 10.1 percent year-on-year to 28.27 billion yuan ($3.92 billion) in the first two months, said the Ministry of Commerce.

The Chinese economy has shown strong resilience. China's urbanization, pursuit of low-carbon and green development, and rapid digitization have provided robust intrinsic momentum for its economic development.