Chinese steel giant eyes Simandou

Lower-grade iron ore contract prices will narrow or erase discounts in July, as spot differentials have gained further support from supply disruptions, product upgrades and margin pressures.

Spot prices for flat-rolled steel in the US fell again this week as mills struggled to book new spot orders.

Japanese auto manufacturer Mazda is planning to restart two-shift production at all of its four domestic assembly plants in July to gradually restore output from Covid-19 lows.

ArcelorMittal today announced a €440/t ex-works base price for hot-rolled coil (HRC) in the northwest European market, buyers told Argus.

The European Automobile Manufacturers' Association (ACEA) is forecasting a 25pc drop in new passenger car sales in the EU this year as result of the Covid-19 pandemic.

Growth in India's renewable energy capacity is on course to easily outpace the expansion of its coal-power fleet in the current decade, given the country's broader plan to cut its dependence on the thermal fuel.

Steelmakers are still expected to purchase another 50,000-100,000t of July-shipment deep-sea scrap, but almost all of their requirements have been met.