Looking ahead, we believe economic growth will be a crucial priority for China, as the country has emphasized the importance of economic development, focusing on high-quality, balanced and inclusive growth.

Freight volume has seen stable monthly growth, with October hitting a high of 1.35 million tons, it said. Trade along the railway covers countries such as Laos, Thailand, Malaysia, Vietnam, Cambodia and Singapore.

A high backwardation continued to dampen import appetite, leading to thin liquidity, although offers were quoted higher.

Most of the capital goods in China posted lower prices in late October compared with mid-October, official data showed Friday.

The province's total import and export value from January to September hit 260.91 billion yuan ($35.96 billion), up 16.4 percent year-on-year.

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

The company signed a cooperation agreement with Xinjiang Bayi Iron and Steel at the fourth CIIE in 2021 to provide the latter with approximately 4 million metric tons of iron ore worth $460 million this year.

The company, also known as China Energy, has signed with 40 companies from 18 countries and regions for contracts worth $2.5 billion (17.9 billion yuan) during the fifth CIIE.