Overseas demand for Japanese ferrous scrap is likely to recover in 2023, while stronger domestic consumption and slower scrap generation in the country limit availability for exports.

Indonesia's energy ministry (ESDM) has set the country's coal production target at 694mn t for 2023, around 5pc higher than the 2022 target of 663mn t, which has been exceeded.

India's largest iron ore producer NMDC has raised its iron ore prices for January, the second straight month of increase.

A year ago the spread was $1,058/st as HRC prices were plunging from record-high levels.

Japan produces around 1mn permanent magnet synchronous motors for vehicles each year, according to trade ministry data.

Africa can produce 50Mt/y of green hydrogen at less than €2/kg by 2035, report shows

BHP and Oz Minerals agree on takeover deal

The domestic demand forecast was cautiously optimistic, according to market sources, led by stronger increased spending for the infrastructure market.