Goldman Sachs expects the metal price to average $100 per tonne in Q2 2022.

Chinese mills have idled dozens of blast furnaces as stocks piled up after domestic demand weakened, hit by covid-19 restrictions and bad weather.

Australia’s minerals exports are set to reach unseen heights for a second year.

"It's not just China where steel output is under pressure," said Warren Patterson, head of commodities strategy at ING.

The deal is set to allow Vale's Sao Luis plant to stop running on fuel oil when the supply starts in 2024.

"Market participants want to see actual demand rising, rather than officials talking about it."

Helios scientists discovered that technology created for a reactor built to extract oxygen and iron from regolith could also be used to extract 99% pure iron from iron ore.