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

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

The country produced 3.44 billion tonnes of raw coal during the period, according to the National Bureau of Statistics.

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.

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

Coal is a main export commodity of Mongolia, which is rich in natural resources.

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