"Due to external uncertainties such as the impact of COVID-19 pandemic and rising protectionism, the fragile supply chain of raw materials and the unstable supply channels have become even more vulnerable," said Li Xinchuang, Party chief of China Metallurgical Industry Planning and Research Institute.
"Stable, green and sustainable raw material supplies is an important pillar for Chinese steel industry to improve competitiveness."
Contracts covering a broad spectrum of products were inked between China Baowu Steel Group and its international partners on Sunday during the ongoing third China International Import Expo (CIIE).
The deals involve smart equipment, intelligent manufacturing projects, rolling mills, and blockchain cross-border platform, according to the country's top steel-maker.
"At the backdrop of a dual circulation economic development model, the CIIE is offering enterprises home and abroad a platform to understand each other better and to cooperate," said Chen Derong, chairman of China Baowu Group.