From January to July, the province's trade with countries along the Belt and Road rose 9.8 percent year-on-year to 116.23 billion yuan.

During the period, China imported a total of 669 million tons of iron ore, up 6.9 percent from the same period last year, according to the data.

AISI: US Raw Steel Production in the week ending on August 26, 2023.

Finished Import Market Share YTD at 22%.

In 2024, China will see the value-added of the iron and steel industry expand about 4 percent, according to the document.

For his part, Demchenko confirmed the company's keenness to invest in the Egyptian market.

Iron-ore major Fortescue has reported record shipments during the 2023 financial year, while also announcing the departure of CEO Fiona Hick only six months after her appointment.

BHP Group reported its lowest annual profit in three years, but the decline isn't the most worrying factor for the world's biggest mining company.