Imports of iron ore and iron ore concentrates also rose, climbing 11 percent from 2019.

One of the routes, linking China and Malaysia, will help build an efficient and low-cost maritime logistics channel.

China will come out with an action plan soon to further reduce the carbon footprint of the steel industry in the country, a top industry association said on Wednesday.

Roach said he expects container rates to normalize later in the year after COVID-19 vaccines have been rolled out globally.

China Baowu Iron and Steel Group Co., Ltd. announced in Shanghai that it would achieve a historic breakthrough of over 100 million tons of steel per year.

The Ministry of industry and information technology will study and formulate relevant work plans to ensure the full realization of the year-on-year decline of steel production in 2021.

The reading, released every 10 days, is based on a survey of nearly 2,000 wholesalers and distributors in 31 provinces and regions.

China will step up efforts in reducing steel production and set up a mechanism for the regulation of the remaining steel to reach goals for "carbon-peak" and "carbon neutralization".