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 is "strongly discontent" with US trade investigations and import duties over aluminum products imported from China and will take necessary measures to defend its interests, an official said Wednesday. 

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