China's steel sector sees an increase in production

Industry data showed that the steel sector in China saw an increase in production in the first 10 months of this year.

Crude steel production rose 5.5 percent year-on-year to 874 million tonnes between January and October, according to the China Iron and Steel Industry Association (CISA).

According to CISA, pig iron production rose 4.3% year-on-year to 742 million tonnes.

The association expected the country's annual crude steel production to exceed 1 billion tonnes in 2020, which means an increase of 3 to 5 percent year on year.