The spread between low- and high-grade iron ore has blown out to the highest on record in dollar terms, suggesting Chinese steel mills are trying to maximise output by using as much of the best quality ore as possible.

According to Roskill, China’s net import reliance on chromium, nickel and manganese ore are calculated at 100%, 83% and 68%, respectively.

Russia has proposed introducing an export duty on steel, copper, nickel and aluminium to curb rising inflation.

Steel mills have been ordered to limit or suspend their operations to minimise smog during the Communist Party centenary celebration.

The two most important areas of green copper demand growth are renewable energy and vehicle electrification.

It would supply battery cells to Tesla, which is making Model 3 sedans and Model Y sport-utility vehicles in Shanghai.

Imported iron ore stocked at Chinese ports dropped for a fourth straight week to 123.95 million tonnes, as of Friday, hitting the lowest level since early October.