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India's JSW Steel's crude steel production and capacity utilization rate decline in April

That month, a high-speed train linking Beijing and Chengde city in Hebei went into operation.

Deng Jun, executive vice-president of Aux Group, said, "The rising prices of aluminum, copper and steel (iron ore) have forced us and the whole industry to raise product prices."

Even though China's foreign trade surged more than 29 percent on a yearly basis in the first quarter, the public should not get unduly optimistic.

Even if inflation rises in the future, as long as such a rise remains moderate, the benefits to the economy will outweigh the negative impacts.

In the January-March period, crude steel output rose 15.6 percent year on year to 271 million tonnes.

Sales revenues of the enterprises reached 1.54 trillion yuan, up 52.28 percent compared with a year ago, showed the data.

Market analysis says higher steel prices could also benefit decarbonization initiatives in the industry.