Diversified miner BHP’s iron-ore division is aiming to more than double its spend with Indigenous vendors to more than A$300-million by the end of the 2024 financial year.

In the week ending on May 7, 2022, domestic raw steel production was 1,777,000 net tons while the capability utilization rate was 81.4 percent.

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"The previously pent-up steel consumption will not disappear. It will only be delayed," Shi said.

Vietnam spent around 4 billion U.S. dollars importing more than 3.8 million tons of steel and iron in the first four months of this year.

Facing the pressure of increasing uncertainties in the global energy market caused by geopolitical conflicts, China has pledged maximum efforts to safeguard its energy supply.