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

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.

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.

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.

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.

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.

Steel is one of the sectors forecast to benefit the most from the agreement.

Non-prime steel or second-grade steel is not tested as per the relevant standards specification.