Japan's economy posted a contraction during January-March after a rebound the previous quarter, as the country's Covid-19 sub-emergency restrictions dented consumer spending and capped fuel consumption.

The China Iron and Steel Association's cornerstone plan will also further ensure domestic energy security.

The Argus 62pc index stood at $129.10/dmt on 17 May, down by 40pc on the year.

Efforts should also be made to ensure stable supplies and prices, he said.

UK-Australia resources firm Rio Tinto expects to benefit from an increased demand for metals and minerals needed to tackle climate change.

Nucor is spending $3bn to acquire CHI Overhead Doors from investment fund Kohlberg Kravis Roberts, the company said.

US hot rolled coil (HRC) prices took their largest fall today since the beginning of February as mills continued to lower prices and buyers pushed for steeper discounts.

The shareholders of ASX-listed oil and gas major Woodside have voted overwhelmingly in favour of the merger with mining major BHP’s petroleum assets.