Australia's Sundance Resources said on Thursday it had referred its dispute with Congo Republic over the Nabeba iron ore project to arbitration in London, where it is seeking $8.76-billion in damages.

South Africa’s Cabinet has approved the country’s updated draft Nationally Determined Contribution (NDC) in response to climate change, which will be released for public consultation next week.

The output of pig iron rose 4.3 percent from a year earlier to 887.52 million tons.

China's raw coal output rose 25 percent year-on-year to 620 million tons in the first two months of 2021, official data showed.

The guideline also asked the steel industry to reduce pollutants and energy consumption by more than 20 percent and 5 percent by 2025, respectively.

Analysis by London-based consultancy Roskill claims that as a result of high influence from China, prices of the silvery-white metal have experienced "considerable turbulence" over the past few years.

Commodities including iron ore and metallurgical coal will also fuel the steel production which is needed to build new urban infrastructure and renewable energy systems and is also used in advanced manufacturing, he said.

By 2050, China's urbanization rate will reach 80 percent and the country will pivot into a high-income society.