It attributed its optimism to growth-stabilizing policies and rising demand from fields like new energy vehicles and solar energy.

"It is now clear that the Chinese government aims to, and is giving every indication that it will, maintain the target GDP and set GDP per capita," he said.

It found that mild weather over Australia's winter led to lower demand for electricity over the period.

With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

China announced on Friday that it will impose export controls on certain graphite materials and related products, effective from December 1.

The project kicked off construction in January last year with an investment of 4.125 billion yuan ($564 million).

Prices remain down by 33pc from their April peak of $1,200/st.

China's steel industry maintained steady operations in the first three quarters of 2023, marked by an increasing output and improved structure, the China Iron and Steel Association (CISA) said on Tuesday.