Analysis said that the demand in April may be lower than expected, restraining the rise of steel prices.

In 2023 steel demand will see further growth of 2.2% to reach 1,881.4 Mt. The current forecast is subject to high uncertainty.

Mining production contracted by 6% y/y in February

Mineral Production Records 13.2 per cent Cumulative Growth

Previous estimates had the country's power demand showing growth of 2.7pc for 2022 and have now been readjusted to 1.7pc growth for this year over 2021.

The Australian federal government plans to slow down the accelerated rate of power plant closures.

METSO OUTOTEC ROLLS OUT DIGITAL PLATFORM

Both prices are up by 47pc since hitting a low around $1,022/st on 1 March.