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The plant will have a designed capacity of 2.5 million tons of direct reduced iron and 1.5 million tons of thick plate annually.

The complex is expected to advance the regional steel industry ecosystem with an estimated annual production capacity of up to 1.5 million tons.

IMPALA Platinum (Implats) said refined platinum group metal (PGM) production would come in at the lower end of its three to 3.15 million ounce forecast for the 2023 financial year ended June 30 largely owing to power interruptions.

Indian bread and biscuits maker Britannia Industries Ltd on Friday reported a bigger-than-expected 47% jump in quarterly profit as strong demand and past price hikes helped expand margins.

All these factors will support a surge in steel consumption in the third and fourth quarters of this year, the VSA added.

From the perspective of policy measures, the immediate task is to boost confidence of market entities rather than implement a strong stimulus.

The figure dropped by 1.4 percentage points from the previous quarter, according to the National Bureau of Statistics.

China's steel sector saw output expansion in the first quarter of the year, industrial data showed.