Vale will receive its pro rata share of Minas Rio production with completion of the deal. It will also have an option to acquire an additional 15pc stake in the enlarged Minas Rio for cash.

India's private-sector steelmaker JSW Steel has announced a 13.2mn t/yr greenfield steel manufacturing complex in Paradip, Odisha.

Just becoming a secondary steelmaker will mean the country cannot produce all the requisite grades for its automotive industry, it added.

Structural changes in the hot-rolled coil (HRC) market could see the historical premium for north European material narrow, if not evaporate, compared with Italian in the coming years.

The volume review could technically be finalised and in place for 1 July, but Griffiths said the timeline is tight.

India's ArcelorMittal Nippon Steel (AM/NS) aims to raise its ferrous scrap use to 10pc by 2030 from the current 3-5pc, with it also calling for government policy support to enable the steel sector's decarbonisation.

Zida Gets U.S.$7 Billion Mining Investment Deal.

The Ministry of Energy and Mineral Resources (ESDM) said that the target for the obligation to supply coal for domestic use or Domestic Market Obligation (DMO) in 2024 is larger than last year.