China extends anti-dumping duties on alloy-steel pipes from US, EU.

Chinese steel mills are looking to gain a greater say in iron ore pricing by opting for yuan-denominated settlements, with a key deal concluded in the Chinese currency recently.

Japan's power demand in April fell compared with a year earlier, with the impact of the Covid-19 pandemic offsetting a weather-driven demand increase.

Cleveland-Cliffs expects its US steelmaking operations to begin normalizing over the second and third quarters, depending on automotive plant restarts.

“Industrial activities (in China) are practically at their normal levels…Civil construction is also rising daily and steel and iron ore stocks are falling,” he said.

Japanese carmaker Toyota Motor has projected that its global car sales will fall by 22pc from a year earlier.

India has set up a project monitoring unit to speed up the development of coal mines and raise domestic output, as part of its broader aim to cut imports.

Hoa Phat Group, the largest steel maker in Vietnam, exported over 20,000 tonnes of construction steel in April, up 17 percent year-on-year.