The Chinese market for stainless steel shows resilience and is brimming with opportunities, despite the disruption that COVID-19 has brought to the global stainless steel industry, according to industry insiders.

"Australia will continue to be a trusted and stable supplier of energy and resources to our key trading partners," he said.

Driven by innovation, the stainless steel industry in Ningde, southeast China's Fujian Province, has grown significantly in recent years.

Rio Tinto will account for 54 percent of the joint venture while China Baowu will account for 46 percent.

China ups support, regulations for market to increase participation, meet green goals.

The composite index for coastal bulk freight gained 1.9 percent week-on-week to 1,098.7, said the SSE.

The province reported its steel production dropped 8.47 percent year-on-year in the first six months.

China-Kazakhstan business cooperation is expected to experience rapid growth in the coming years, as both countries actively promote regional connectivity.