ERG has long considered ESG a priority in the group's operations and rolled out such a strategy in 2021.

Most of the capital goods monitored by the Chinese government posted lower prices in early September compared with late August this year, official data showed Wednesday.

This week, the ferrosilicon Futures fluctuated downward, and the spot price rose by a small margin of around 100 yuan per ton.

The 2210 ferrosilicon contract price on ZCE closed at 7916 yuan per ton on September 16.

The three projects being constructed are with a combined production capacity of 6.2 million tons worth around 35 billion riyals, he added.

Driven by innovation, the stainless steel industry in Ningde, southeast China's Fujian Province, has grown significantly in recent years.

"Australia will continue to be a trusted and stable supplier of energy and resources to our key trading partners," he said.

The Chinese market for stainless steel shows resilience and is brimming with opportunities, despite the disruption that COVID-19 has brought to the global stainless steel industry, according to industry insiders.