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.

Asia's iron-ore futures tumbled on Monday, leading another bout of selling in the metals complex, after China's state planner warned against commodity price manipulation and vowed to clamp down on speculative trading.

JSE-listed openpit miner Afrimat¡¯s diversification strategy, along with a particularly strong iron-ore price.