Buyers started cutting the proportion of direct-charge materials in January — first reducing pellet usage and then lowering the lump proportion, sources said.

According to the latest data of the World Iron and Steel Association, in January, the crude steel output of 64 countries included in the statistics of the world iron and Steel Association was 162.9 million tons, up 4.8% year-on-year.

June prices increased by $30/st to $1,070/st, while July prices rose by $31/st to $1,004/st. August futures prices rose by $18/st to $956/st.

Baidu owns 55pc of the joint venture and Geely 45pc. Other details, including the location, construction schedules and design capacity were undisclosed.

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