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"We should make science-based decisions and avoid a one-size-fits-all approach," he said.

More efforts will also be made to improve the performance of safety features in auto batteries and their ability to withstand low temperatures, he added.

"The (steel) market has turned optimistic about this year's infrastructure investment growth as different regions successively rolled out major construction projects as part of pro-growth efforts."

Experts anticipate reduction in reserve ratio, increased infrastructure spending, tax cuts.

Nornickel's 2021 net profit stood at $6.97bn, a 92pc increase from the year before.

2021 saw a stronger than originally expected recovery in steel demand based on vaccination rates and government support measures.