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China's foreign trade has extended its growth momentum during the first four months.

Located in North China, the Inner Mongolia autonomous region is not only famous for its vast grassland, but also its great mineral resources.

In the January-March period, crude steel output rose 15.6 percent year on year to 271 million tonnes.

Market analysis says higher steel prices could also benefit decarbonization initiatives in the industry.

According to Luo, under the current pricing mechanism, iron ore prices are to a large extent determined by the producers rather than market forces.

The sale of construction steel hit 855,000 tonnes, a year-on-year surge of 17 percent. Exports of the item topped 147,000 tonnes, up 10 percent.

Hung Nghiep Formosa Ha Tinh took the second spot with output of 1.62 million tonnes, 20 percent lower than Hoa Phat.

The project is expected to be built in three years and become operational in 2024.