Lian also introduced development situations of Hebei during the conference.

The industrial profit data covers large firms with annual revenues of at least 20 million yuan from their main operations.

The remarks came after the association reported weakening demand of steel materials and high prices of raw materials used in production like coking coals.

Therefore, China's macroeconomic policies should continue to focus on expanding infrastructure investment and stabilizing real estate investment.

Will Gabon's economy benefit from Africa's metals boom?

The world stainless association released figures for the first half year of 2022 showing that stainless steel melt shop production decreased by 3.5% year–on–year to 29.0 million metric tons.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.7 million tonnes (Mt) in September 2022, a 3.7% increase compared to September 2021.

JISPL's production plunged by 77pc on the year to 30,000t during July to September.