Baowu produced 96mn t of steel in 2019 to overtake Luxembourg-based ArcelorMittal, which produced 89.8mn t, as the world's largest steelmaker.

Brazilian mining firm Vale said it expects to achieve iron ore production capacity of 350mn t/yr this year, up by 8.7pc from a year earlier.

According to the Wuhan Shipping Exchange, the ships overstocking in some ports continued this week.

The company plans to produce up to 160000 tons of new products from the second half of 2022.

"[Rail operator] Transnet Freight Rail (TFR) is cancelling many trains," said one supplier.

"[Rail operator] Transnet Freight Rail (TFR) is cancelling many trains," said one supplier.

In one of the most challenging engineering projects ever undertaken, Chile is building a unique steel-built suspension bridge near the site of the strongest earthquake ever recorded.

Japanese steel mill Nippon Steel expects its crude steel output in this year's January-March quarter to recover above 10mn t for the first time since January-March 2020.