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China's iron and steel industry has vowed to actively respond to the challenges from the United States and firmly support government counter-measures against US imports.

Yuan-denominated, they are the first of their kind to be open to overseas investors

The Chinese futures market took another step toward internationalization on March 26 with the unveiling of yuan-denominated crude oil futures contracts

The China Iron and Steel Association has urged the Chinese government to take resolute measures against imports of stainless steel, seamless pipes, coal, agricultural products and consumer electronics from the United States to confront trade protectionism.

China on Monday launched trading of the yuan-denominated crude oil futures contracts at the Shanghai International Energy Exchange, which is the first futures listed on China's mainland to overseas investors.

German Chancellor Angela Merkel and Chinese President Xi Jinping discussed overcapacity in world steel markets and agreed on Saturday to work on solutions within the framework of the G20 group of industrialized nations, Merkel's spokesman Steffen Seibert said.

China's plan to launch crude oil futures on March 26 will enable it to develop its own benchmark for oil pricing in addition to current global benchmarks, said Jonty Rushforth, senior director of the energy price group at S&P Global Platts, an energy industry information service provider.

Chinese companies should play a bigger role in global steel production and trade, rather than just export basic products, and utilize the Belt and Road Initiative for expanding reach, a top industry official said.

China dismissed steel dumping accusation from Canada and called on global cooperation to tackle the global issue of steel overcapacity.