The use of green and low-carbon technologies in emerging sectors is another priority of the policy document.

"Blue hydrogen" has its carbon emissions captured and stored, or reused.

Both pellet premiums are based on Fastmarkets’ 65% Fe Brazil-origin iron ore fines CFR Qingdao index.

And the UK export market has also been affected by a combination of weaker demand into deep-sea destinations such as Turkey and the Indian subcontinent.

Liberty plans to build an electric arc furnace (EAF) at Whyalla.

Indonesian coal producer Adaro Energy Indonesia surpassed its 2023 production and sales targets on the back of continued high domestic and international demand.

Australia-based diversified metals producer South32 has agreed to sell its Illawarra metallurgical coal operations in New South Wales state to an entity owned by Singapore-based Golden Energy and Resources (Gear) and Australia's M Resources for $1.65bn.

Serra da Serpentina has an estimated resource of 4.3bn t. Minas Rio's pellet feed ore production was 24mn t in 2023, up by 12pc from a year earlier.