This is because upward momentum in property and infrastructure, which account for over 55% of China's total steel consumption, has slowed.

The plant can produce 300,000 mt/year of hot rolled coils and 160,000 mt/year of pickled and oiled coils.

Market sources were not surprised by the announcement.

Japanese ferrous scrap exports rose by 28pc in June from May to 883,157t, boosted by increased price competitiveness against US exports in Asia.

The State Council, China's cabinet, has detailed multiple reform measures to improve business environment and invigorate the market.

For decades, China's infrastructure project providers have been heavily focused on building roads, bridges, dams, railways and airports both at home and abroad.

Cooperation is a key variable for the recovery of Latin America and the Caribbean in the post-pandemic phase.

The American Iron and Steel Institute reported that for the month of July 2020, U.S. steel mills shipped 6,035,596 net tons.