In 2020, crude steel output rose by 5.2 percent year on year to exceed 1.05 billion tonnes, according to the China Iron and Steel Association.

A reading above 50 indicates expansion, while a reading below reflects contraction.

The PMI for China's non-manufacturing sector moderated to 54.9, down 1.4 percentage points from March.

Tariffs on exports of products such as ferrosilicon, ferrochromium, and high-purity pig iron will be raised temporarily to a rate of 25 percent, 20 percent, and 15 percent, respectively.

According to Luo, under the current pricing mechanism, iron ore prices are to a large extent determined by the producers rather than market forces.

ABB has signed a Memorandum of Understanding with Hitachi Construction Machinery to share their expertise and collaborate in creating solutions that will reduce the greenhouse gas (GHG) emissions associated with heavy machinery in the mining industry.

In the financial report, HMC said that the main reasons for the company's outstanding performance were gains in sales and higher steel price.

Another steel producer posting good results in the first quarter was Thu Duc Steel JSC (TDS).