The figure dropped by 1.4 percentage points from the previous quarter, according to the National Bureau of Statistics.

All these factors will support a surge in steel consumption in the third and fourth quarters of this year, the VSA added.

China's steel sector saw output expansion in the first quarter of the year, industrial data showed.

The institute has developed the 0.08mm ultra-thin grain-oriented silicon steel strip and iron core in collaboration with several other companies and institutes including China Iron & Steel Research Institute Group.

Electric arc furnace (EAF) platemaker Nucor has increased its plate prices by $40/short ton (st).

The curve is in a clear backwardation, with May trading on screen almost €50/t below the underlying Argus assessment, which stood at €834.25/t.

Tata Steel aims to achieve net zero carbon emissions from its Indian operations by 2045, while India aims to reach net-zero emissions by 2070.

Patrik Schober, a media representative of Tameh Czech, said negotiations are "under way" between the companies, but would not comment further.