Tangshan's crude steel output was 130 million tons in 2021, a year-on-year decrease of 9%.

Mining production contracted by 6% y/y in February

Mineral Production Records 13.2 per cent Cumulative Growth

Previous estimates had the country's power demand showing growth of 2.7pc for 2022 and have now been readjusted to 1.7pc growth for this year over 2021.

The Australian federal government plans to slow down the accelerated rate of power plant closures.

METSO OUTOTEC ROLLS OUT DIGITAL PLATFORM

Both prices are up by 47pc since hitting a low around $1,022/st on 1 March.

"None of the [actions required] will be feasible if the supply of metals does not keep pace with the spectacular demands expected to be created by the needs of the energy transition," said McKay.