Adjusted year-to-date production through May 4, 2024 was 30,259,000 net tons, at a capability utilization rate of 76.3 percent.

AISI reported that for the month of March 2024, U.S. steel mills shipped 7,338,349 net tons, a 5.7 percent decrease from the 7,779,430 net tons shipped in March 2023..

Australia-based exploration and development company Arrow Minerals has identified high-grade iron mineralization at the Simandou North Project (SNIP)and plans to conduct more than 150 drill holes in the area.

It reiterated its latest guidance to close the deal by year-end, pending US approvals.

Despite these lukewarm indicators, steel producers who service the construction end markets were positive in their quarterly earnings.

Liberty said it “is not idling the facility,” and will resume operations when markets recover.

“We see infrastructure for instance is still growing strongly in China,” he said, adding that manufacturing is also “performing pretty well in China”.

Queensland could also complicate a deal.