Domestic steel consumption grew strongly in the first half of the financial year in a clear signal that Indian manufacturing continues on a robust growth path despite global headwinds.

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.

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

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

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

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