Steel is the most important material for Germany’s manufacturing sector, going into everything from Volkswagen automobiles to the advanced machinery made by Siemens.

Benchmark 62% Fe fines imported into Northern China fell 5.73%, to $110.41 per tonne.

The miner reiterated its annual forecast of 278 to 290 Mt for Western Australian iron ore output.

The world's biggest iron ore producer shipped 82.5Mt of the steel-making ingredient from its Pilbara operations.

The segment's exports totaled 78.5 million tonnes between January and March.

China's annual iron ore output is set to hit an eight-year high of 290 million tonnes in 2023.

NMDC is the majority owner of a mine located in Mt Bevan and hopes to start mining within two years.

The company produced 66.77 million tonnes of iron ore during the first three months of 2023.