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"Iron ore prices could be pressured this year on lower output of China's crude steel and rising supply of overseas mines," said Zhu.

Mining industry progressing with energy transition to zero-emissions mines

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 155.0 million tonnes (Mt) in January 2022, a 6.1% decrease compared to January 2021.

Zimbabwe’s State-owned miner selected to revive steel firm

Black Iron monitoring Russia’s incursion into eastern Ukraine

SASAC said that in January, the output of raw coal, sales of refined oil products and the production and sales of steel products of central enterprises have all maintained steady growth. Trade volume has also delivered rapid growth.

In addition, the downward real estate investment will drive down the output of traditional industries such as steel, nonferrous metals and cement.

Crude oil futures extend climb in Asia after Putin puts troops in Ukraine's breakaway regions