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At the same time, iron ore prices are comparatively low thanks to rising output, oversupply, and high port inventories, Wang said. "Low material prices help keep steel production costs at relatively low levels."

At the meeting, representatives from Chinese and British tech companies, as well as academics from Cambridge, Oxford, and Tsinghua universities joined forces to chart a roadmap for the development of artificial intelligence in several industries.

At the first stage, the vehicle would be offered to Chinese customers and Groupe PSA overseas markets, the statement said.

At the start of the Globes ceremony, host Ricky Gervais predicted a big night for Netflix.

At the summit, the leaders from the 10 member states will also discuss ways to strengthen the ASEAN Community and assert its position in global economy.