In particular, mills with established long steel trade routes have been looking to offload the mounted pressure into Vietnam and China.

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The World Steel Association (worldsteel) has recognised 9 companies as Steel Sustainability Champions for their work in 2019.

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Gao Xiangming, chairman of TISCO, said the company's R&D expenses account for about 5 percent of its annual sales revenue.

Both environmental protection and project profits were concerns for the company which is located in Shanxi, a coal-rich province of China.

The composite index for coastal bulk freight edged down 1.6 percent week on week to 1,055.6, the SSE said.