Iron-ore futures wobbled on Friday and were on track for weekly losses due to waning optimism over prospects for demand recovery in top steel producer and metals consumer China, with additional pressure from rebounding supplies from Australia and Brazil.

Thailand's economy expanded 2.7% in the first quarter from a year earlier, official data showed on Monday, faster than expectations, as private consumption and tourism rebounded.

In the week ending on May 6, 2023, US domestic raw steel production was 1,712,000 net tons while the capability utilization rate was 76.1 percent.

Mining and commodities giant Glencore (LON: GLEN) has joined forces with Canada's Li-Cycle Holdings (NYSE: LICY) to build a battery recycling plant in Italy, set to become Europe's largest facility of this kind.

Indian private-sector producer Tata Steel expects a better year for steel demand on the back of infrastructure and automobile sector growth but said there is "some fragility" in the international markets.

Finished steel production rose by 3.7pc on the year to 9.98mn t, while consumption picked up by 7.2pc to 9.88mn t over the same period.

Tata Steel is considering shutting down its UK operations if the government does not provide adequate funding support for the decarbonisation transition project.

The plant will have a designed capacity of 2.5 million tons of direct reduced iron and 1.5 million tons of thick plate annually.