Rio Tinto and Baowu sign term sheet for Simandou project in Guinea

Rio Tinto, China's Baowu take next step towards developing Guinea joint venture

Steelmaker Nucor rolled its first plate at its new mill in Brandenburg, Kentucky.

The daily Argus ICX 62pc iron ore index was at $117.35/dry metric tonne on 3 January, down by 2.2pc from a year earlier.

Indonesia's energy ministry (ESDM) has set the country's coal production target at 694mn t for 2023, around 5pc higher than the 2022 target of 663mn t, which has been exceeded.

US steelmaker Nucor has kept its plate pricing flat, a month after it dropped prices by triple digits.

Brazil increased its power generation capacity by 8.2GW in 2022, with fossil-fueled thermal plants accounting for 16pc of total growth.

Overseas demand for Japanese ferrous scrap is likely to recover in 2023, while stronger domestic consumption and slower scrap generation in the country limit availability for exports.