The increases are underpinned primarily by higher production costs.

Brazil's power market will not need to choose between sustainability or generation capacity if both are priced efficiently.

Swedish start-up H2 Green Steel has raised €190mn ($189mn) in a financing round, for its initiative to decarbonise steel production by around 95pc using renewable hydrogen.

The company plans to sell its USW-represented blast furnace steelmaking plant in Granite City, Illinois, to SunCoke by 2024.

CMC recycles and manufactures steel and metal products at its facilities in the US and in Poland.

CMC recycles and manufactures steel and metal products at its facilities in the US and in Poland.

The firm's subsidiary Keppel Energy will hire Japan's Mitsubishi Power Asia Pacific and Singapore-based Jurong Engineering to build the Keppel Sakra Cogen Plant, located in the Sakra sector of Jurong Island.

The fall in premiums has not come as a surprise as weak demand continues to delay settlements for third-quarter pellet premiums, particularly among Japanese mills.