In the first two months, Guangdong's import and export with Brazil and Chile increased by 24.8 percent and 14.4 percent, respectively, it said.

In order to reach these targets, UBA President Dirk Messner called for a "much faster pace in the expansion of renewable energies."

In the first two months, Guangdong's import and export with Brazil and Chile increased by 24.8 percent and 14.4 percent, respectively, it said.

US integrated steelmaker Cleveland-Cliffs has increased its flat steel prices by $100/short ton (st), targeting a minimum hot-rolled coil (HRC) price of $1,200/st.

Indian private-sector producer JSW Steel's crude steel output rose by 10pc from a year earlier to 1.73mn t.

The Argus US plate ex-works assessment has been relatively flat at around $1,480/st since early December.

The plant will use biogas feedstock and iron ore as a catalyst to also produce 380 t/yr of graphitic carbon, he said.

Demand has remained steadier for longer than the market had expected, with talk of a recession pushing further out into the year and lessening in severity.