New sinter technology could greatly reduce iron, steel making emissions

"China remains a big source of uncertainty for global growth," JP Morgan analysts said in a note.

The renewed lockdown of one district in Shanghai has raised concerns that a full reopening of the financial center could be delayed.

"The short-term drive is upward but the valuation is on the high side, and the risk of volatility will increase in June-July," Zhongzhou Futures analysts said.

Vale Ventures is starting with a $100 million budget to invest in firms involved in sustainable mining initiatives.

China's moves to ease covid-19 restrictions added fuel to the rally, as did shrinking stockpiles of imported iron ore at Chinese ports.

The agreement comes as Germany looks to speed up its collaboration for green hydrogen production with Australia.

Beijing authorities said the capital will resume public transport in most districts, restart dine-in restaurant services and allow workers to return to offices.

The project is expected to enable an increase in production of more than one million tonnes each year.

The rise in prices could be limited, ANZ Research said in a note.