The first round of China’s much-anticipated state metal reserves auctions needed only one of two days allotted for all the copper and aluminum on offer to be sold.

China is releasing metal from state stockpiles as part of its campaign to restrain prices after factory inflation in May hit its highest level in 13 years.

"Considering spot prices are supported by costs, steel will remain fluctuating at high levels," GF Futures said.

The increase came as restrictions on power usage in the tin-smelting heartland of Yunnan were "basically lifted" last month.

The ministry set the benchmark coal price at $115.35 per tonne in July, higher than the $100.33 per tonne in June.

Although tech and bank CEOs get all the limelight, eight of the 100 richest people in the world are in the metals and mining industry.

Steel output at some producers was restricted due to the Chinese Communist Party's 100th anniversary and environmental-related policies.