Vale will receive its pro rata share of Minas Rio production with completion of the deal. It will also have an option to acquire an additional 15pc stake in the enlarged Minas Rio for cash.

Weekly Italian rebar and drawing-quality wire rod assessments softened by €5/t to €600/t ex-works and €660/t delivered.

Just becoming a secondary steelmaker will mean the country cannot produce all the requisite grades for its automotive industry, it added.

The volume review could technically be finalised and in place for 1 July, but Griffiths said the timeline is tight.

Australian resources firm BHP will report an impairment of $2.5bn on its Western Australia nickel business.

Structural changes in the hot-rolled coil (HRC) market could see the historical premium for north European material narrow, if not evaporate, compared with Italian in the coming years.

India's ArcelorMittal Nippon Steel (AM/NS) aims to raise its ferrous scrap use to 10pc by 2030 from the current 3-5pc, with it also calling for government policy support to enable the steel sector's decarbonisation.

Glencore Plc-backed Horizonte Minerals Plc is warning that it needs a whole new financing package to restart a nickel project in northern Brazil after a review revealed the mine will cost 87% more than thought.