Under the action of many factors, the short-term rebar price is easy to fall but difficult to rise.

The increase took overall shipments for the last year to 407mn, slightly higher than a government-set target for the year of 400mn t.

In 2020, China's steel bar output was 266.391 million tons.

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

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.

The carbon intensity of the UK power sector reached its highest level in over a year in January.

In one of the most challenging engineering projects ever undertaken, Chile is building a unique steel-built suspension bridge near the site of the strongest earthquake ever recorded.

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