The curve is in a clear backwardation, with May trading on screen almost €50/t below the underlying Argus assessment, which stood at €834.25/t.

Iron ore exploration and development company Equatorial Resources (ASX:EQX) has entered into a conditional agreement with privately owned company Companhia Rio de Ferro to acquire the Nimba Alliance Iron Ore Project in Guinea, West Africa.

Indian private-sector steelmaker JSW Steel has successfully bid for the Jaisinghpura south iron ore block located in Ballari, Karnataka in an auction held in March.

Indian private-sector producer Tata Steel registered its highest crude steel production of 19.9mn t and sales of 18.9mn t during the April 2022-March 2023 period.

Its iron ore sales fell by 5.7pc to 38.25mn t during the same period.

Japan's sales of domestic passenger electric vehicles (EVs) more than doubled on the year in March, but their share in total domestic car sales was down from the previous month.

According to Russia-based SpetsStal Association, in March 2023, Russia's stainless steel imports totaled 39,940 mt, a month-on-month increase of 84%.

According to the National Bureau of Statistics, in March 2023, China's crude steel output was 95.73 million tons, a year-on-year increase of 6.9%.