The PMI for China's non-manufacturing sector moderated to 54.9, down 1.4 percentage points from March.

A reading above 50 indicates expansion, while a reading below reflects contraction.

According to Luo, under the current pricing mechanism, iron ore prices are to a large extent determined by the producers rather than market forces.

Tariffs on exports of products such as ferrosilicon, ferrochromium, and high-purity pig iron will be raised temporarily to a rate of 25 percent, 20 percent, and 15 percent, respectively.

China should guard against the rise in international iron ore prices, as it has the potential to erode its hard-won economic recovery.

The CEC in February forecast a year-on-year increase in electricity consumption of 6-7pc for 2021.

ABB has signed a Memorandum of Understanding with Hitachi Construction Machinery to share their expertise and collaborate in creating solutions that will reduce the greenhouse gas (GHG) emissions associated with heavy machinery in the mining industry.

Diversified miner South32 has set year-to-date production records in both Brazil and Australia, and has increased its production guidance for two other operations.