China will play an even more critical role for us in developing the renewable technology in solar and wind and getting that cost down

Domestic steel consumption grew strongly in the first half of the financial year in a clear signal that Indian manufacturing continues on a robust growth path despite global headwinds.

It attributed its optimism to growth-stabilizing policies and rising demand from fields like new energy vehicles and solar energy.

"It is now clear that the Chinese government aims to, and is giving every indication that it will, maintain the target GDP and set GDP per capita," he said.

Prices remain down by 33pc from their April peak of $1,200/st.

With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

China announced on Friday that it will impose export controls on certain graphite materials and related products, effective from December 1.

The project kicked off construction in January last year with an investment of 4.125 billion yuan ($564 million).