At present, of the 17,244 tonnes of on-warrant nickel in LME warehouses in Rotterdam, briquette accounts for more than 92%.

A high backwardation continued to dampen import appetite, leading to thin liquidity, although offers were quoted higher.

The problem is that there are more than 13m tons of HRC capacity coming online or planned to come online in the next three years.

Earlier this year, the association had forecast steel demand to drop by 1.7% in 2022.

The location of the second planned mill has not been announced.

The sites receiving ResponsibleSteel certification were POSCO’s Pohang and Gwangyang Steelworks in South Korea and Tata Steel’s Jamshedpur site in India.

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

The company signed a cooperation agreement with Xinjiang Bayi Iron and Steel at the fourth CIIE in 2021 to provide the latter with approximately 4 million metric tons of iron ore worth $460 million this year.