Revilla said the index gives a good sign since "money always flows in the right direction."

“We do have fewer blast furnaces as a percentage of our steelmaking in the United States,” Anderson noted.

Meanwhile, small and private businesses are making their own efforts to tide through these tough times.

"As a major supplier of other key materials, such as aluminum, copper, high-carbon ferrochrome and iron ore products, we are also well-placed to support the country's plans to build new infrastructure."

Vale has a very positive outlook on China, and we believe that the country will continue to play a leading role in global economic growth.

Achieving high-quality growth and addressing global challenges such as climate change will require increased cooperation throughout the supply chain.

In a bid to strengthen the sector's resource support capability, using iron ore resources in China to raise the self-sufficiency of iron ore in China will be a key task, said Shen Bin.

China is calling for more global collaboration in the establishment of international standardization, to further contribute to global sustainable development, a top official said on Wednesday.