SLN is part of a struggling New Caledonian nickel industry that the French government is trying to salvage with a proposed rescue package.

More Chinese nickel is expected to flow overseas after the London Metal Exchange banned new Russian supplies, according to Mysteel Global.

"The key to new quality productive forces lies in the profound transformation and upgrade of industries," Dai stressed.

Most of the capital goods monitored by China's statistical authorities registered higher prices in mid-April compared with early April, official data showed Wednesday.

According to Worldsteel Association data, European Union crude steel production decreased by 4.3% in March compared to the same month of the previous year, reaching 11.6 million tons.

Renowned Chinese company Shenfeng announces plans to establish a state-of-the-art iron production factory on a vast land area in Egypt, marking a significant in bilateral cooperation between China and Egypt.

Australian green energy and iron-ore giant Fortescue has revealed a 6% decline in third-quarter iron-ore shipments, attributed to the repercussions of an ore car derailment on December 30, coupled with weather-related disruptions.

Brazilian miner Vale on Wednesday said lower prices for iron-ore, nickel and copper in the first quarter dragged down earnings compared to the year before, as it posted net profit slightly below analyst estimates.