Chinese steel mills are looking to gain a greater say in iron ore pricing by opting for yuan-denominated settlements, with a key deal concluded in the Chinese currency recently.

Japanese carmaker Toyota Motor has projected that its global car sales will fall by 22pc from a year earlier.

Cleveland-Cliffs expects its US steelmaking operations to begin normalizing over the second and third quarters, depending on automotive plant restarts.

India has set up a project monitoring unit to speed up the development of coal mines and raise domestic output, as part of its broader aim to cut imports.

“Industrial activities (in China) are practically at their normal levels…Civil construction is also rising daily and steel and iron ore stocks are falling,” he said.

Japan's power demand in April fell compared with a year earlier, with the impact of the Covid-19 pandemic offsetting a weather-driven demand increase.

Tata Steel Ltd has withdrawn its membership from the Indian Steel Association (ISA), an apex steel industry body.

This growth was led by a ramp up of Tata Steel BSL and acquisition of Usha Martin steel business by Tata Steel Long Products in April 2019.