Twenty-nine Chinese steel firms have had their licenses revoked as Beijing kept up its campaign to tackle overcapacity in the sector and days after U.S. President Donald Trump said he would open a probe into cheap steel exports from China and elsewhere.
Oil prices tumbled on Friday, on track for the biggest weekly drop in a month on renewed concerns that increasing U.S. production and high inventories will thwart OPEC's attempts to reduce the global crude glut.
Oil prices regained some ground on Thursday, after steep losses in the previous session, as leading Gulf oil producers signaled a likely extension of OPEC-led supply cuts beyond the middle of the year.
Oil edged higher on Wednesday as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the United States and still-high global stocks threatened to pull prices lower.
China's economy grew faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years.