The move is aimed at ensuring cost reduction in highways construction using steel.

Tata Steel, an Indian steel producer, plans to double the steel capacity of its existing plants in Orissa and Jarkand to 40 million tons a year, the Economic Times reported.

In addition, expectations that the US dollar will further depreciate are adding to the buoyancy in the market, they said.

The price of Q235 high-speed wire rod is increased by 100 yuan.

"Both countries have amazing smart people in the younger generation that would be proud to be part of this," Gates said.

On a year-on-year basis, PPI rose 0.3% in January.

The campaign will last until the end of March.

From January to December 2020, China's total imports of steel products was 20.233 million tons.