"[Rail operator] Transnet Freight Rail (TFR) is cancelling many trains," said one supplier.

The company plans to produce up to 160000 tons of new products from the second half of 2022.

Brazilian mining firm Vale said it expects to achieve iron ore production capacity of 350mn t/yr this year, up by 8.7pc from a year earlier.

Japanese steel mill Nippon Steel expects its crude steel output in this year's January-March quarter to recover above 10mn t for the first time since January-March 2020.

The German Business Daily reported recently, the German Steel Association said, German crude steel production in 2020 was 35.7 million tons, down 10% from the weaker 2019, the lowest level since 2009.

According to the news, the Ministry of Finance of India released its 2021 budget on February 1 and said it would reduce import duties on some stainless steel products.

Myanmar's military coup spurs growth of rare earth metals market

Slovakia's U.S. steel company Kosice restarts three blast furnaces