The industrial profit data covers large firms with annual revenues of at least 20 million yuan from their main operations.

Therefore, China's macroeconomic policies should continue to focus on expanding infrastructure investment and stabilizing real estate investment.

The remarks came after the association reported weakening demand of steel materials and high prices of raw materials used in production like coking coals.

Will Gabon's economy benefit from Africa's metals boom?

The world stainless association released figures for the first half year of 2022 showing that stainless steel melt shop production decreased by 3.5% year–on–year to 29.0 million metric tons.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.7 million tonnes (Mt) in September 2022, a 3.7% increase compared to September 2021.

The federal government also has a renewable energy target of 82pc by 2030, up from around a third currently.

Australian-Japanese joint venture BHP Mitsubishi Alliance (BMA) is facing potential strikes at its coking coal mines in Queensland, as members of Australian unions vote in favour of taking protected industrial action.