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The Chinese economy has shown strong resilience. China's urbanization, pursuit of low-carbon and green development, and rapid digitization have provided robust intrinsic momentum for its economic development.

Strengthening the capacity to defend against external risks will help build the country into a manufacturing powerhouse, Li with the CASS said.

Listed Nickel Asia Corp. (NAC) said its net income last year plunged by more than half due to lower nickel ore prices.

India's private-sector steelmaker JSW Steel has announced a 13.2mn t/yr greenfield steel manufacturing complex in Paradip, Odisha.

Vale will receive its pro rata share of Minas Rio production with completion of the deal. It will also have an option to acquire an additional 15pc stake in the enlarged Minas Rio for cash.

Just becoming a secondary steelmaker will mean the country cannot produce all the requisite grades for its automotive industry, it added.

Australian resources firm BHP will report an impairment of $2.5bn on its Western Australia nickel business.

India's ArcelorMittal Nippon Steel (AM/NS) aims to raise its ferrous scrap use to 10pc by 2030 from the current 3-5pc, with it also calling for government policy support to enable the steel sector's decarbonisation.