China's producer prices continued to fall in July but the decline has kept narrowing as economic activities recovered amid effective epidemic control in the country, official data showed Monday.

Some 71.7 billion yuan (about $10.33 billion) has been invested in the region's power grid development during the 2016-2020 period, the company said.

Rail freight of coal and ore also posted robust year-on-year growth in the first half of this year in Xinjiang.

Oversupply concerns weigh heavily on the steel sector in China as some 80 million metric tons of fresh capacity will hit the market this year amid dwindling demand due to the COVID-19 epidemic, an industry expert said.

The trade volume from January to May totaled 172 billion yuan ($24.3 billion), an increase of 21.1 percent over the same period last year.

Future mining investment is expected to ease as a result of less work on iron ore and coal projects, along with the deferral of final investment decisions on some large LNG projects, Australia's central bank said.

China iron and steel association (Cisa) member mills increased steel output to a record high in late July as stimulus and lockdown delays extended the construction season into late summer.

By July 25, 2020, the cumulative export volume of Indonesian steel and iron ore in this year has reached 4 billion US dollars.