Seven Indonesian tin smelters restart production

South32 said in February it had agreed to sell the business in New South Wales state for $1.65 billion.

The global lead market has bifurcated since the start of June, with Shanghai prices significantly outperforming that of the LME.

India tops the global ranking with demand nearly 50 times that of its mined supply.

Nippon Steel also faces objections from the powerful United Steelworkers (USW) union, which fears the deal could lead to job losses.