The proposed tax hikes would be offset by the abolition of export duties linked to the rouble-dollar exchange rate that were introduced in October 2023.

Iron ore inventories at Chinese ports are the highest in more than two years.

The deal would give Nippon Steel greater access to the profitable U.S. market and further its long-term financial goals.

Thyssenkrupp's chairman defended a move to sell a stake in the group's steel unit to Czech billionaire Daniel Kretinsky.

The balance of risks for iron ore prices are tilted to the downside despite top buyer China's most recent steps to boost its struggling property sector.

The news comes just months after securing a contract to run the South American country’s largest iron-ore complex.

In April, China's state planner said the government will continue to manage crude steel output in 2024.