India's domestic steel demand will pick up once the second Covid wave subsides and the vaccination drive gains traction, said Seshagiri Rao, joint managing director at JSW Steel.

Chinese ferrous scrap imports nearly trebled in April from the previous month as steel mills and trading firms increased purchases after initial trial shipments successfully cleared customs.

South Korea imported 412,000t of ferrous scrap in April, a rise of 30pc on the month but a 6pc fall on the year.

Europe's largest steelmaker, ArcelorMittel, has increased its coil offer prices again.

Iron ore was one of the most resilient sectors in Australia's resources industry during Covid-19, with another record-breaking year of profits in the 2019-20 fiscal year to 30 June.

Japan's iron ore purchases from Australia and Brazil remained weak in April despite a slight recovery in overall iron ore imports during the month.

ANSA reported that a court has sentenced brothers Mr Fabio Riva and Mr Nicola Riva to 22 and 20 years in jail respectively for the environmental disaster caused by the ILVA steelworks in the southern city of Taranto.

Effected by the pandemic, OM paused the production of ferro-alloys in Malaysia.