Efforts will be made to strictly control new production capacity in heavy and chemical industries, and cut crude steel output to ensure it falls year after year, Xiao said.

The port on the coast of the Bohai Sea is a pivotal shipping outlet for the Beijing-Tianjin-Hebei region.

To facilitate the green upgrade of various sectors, more green finance stimulus packages are expected.

Major steel producers churned out 22.82 million tons of crude steel in mid-February.

Qingshan Group signed a $1 billion (S $1347 million) framework agreement with Zimbabwe in June 2018 to build a steel plant with an annual capacity of 2 million tons, Reuters reported.

Recently, Clarkson research services said that although major uncertainties still exist, it is expected that the global seaborne trade volume in 2021 will return to and exceed the level of 2019.

The world's top 500 company, Castle Peak Holdings Group, plans to build a new steel plant in Zimbabwe, Africa. The project is scheduled to start in May this year.

In recent years, the price fluctuation of stainless steel spot market is extremely fierce, and the market trend is a topic closely concerned by the two session.