A new report by the Minerals Council of Australia (MCA) has shown that Australia was poised to take advantage of the predicted increase in global demand for commodities.

BHP has achieved first ore at its USD 3.6 billion South Flank mine in the central Pilbara in Western Australia last week.

India's domestic steel demand will pick up once the second Covid wave subsides and the vaccination drive gains traction, said Seshagiri Rao, joint managing director at JSW Steel.

Chinese ferrous scrap imports nearly trebled in April from the previous month as steel mills and trading firms increased purchases after initial trial shipments successfully cleared customs.

South Korea imported 412,000t of ferrous scrap in April, a rise of 30pc on the month but a 6pc fall on the year.

Europe's largest steelmaker, ArcelorMittel, has increased its coil offer prices again.

ANSA reported that a court has sentenced brothers Mr Fabio Riva and Mr Nicola Riva to 22 and 20 years in jail respectively for the environmental disaster caused by the ILVA steelworks in the southern city of Taranto.

"Regulators pay a lot of attention to the local environment, but not to the net benefits to the climate," said Anna Borg, chief executive of Swedish utility Vattenfall.