China's Hunan reports robust foreign trade growth with Africa in Q1.

These factors should lead to soaring steel demand in Q3 and Q4, Tuan said.

BHP is looking into initiatives to grow its iron ore production to 300 million tonnes per annum.

The head of diversified miner BHP, Mike Henry, has highlighted the massive investment required in the resources sector to meet global decarbonising efforts.

Thailand's economy expanded 2.7% in the first quarter from a year earlier, official data showed on Monday, faster than expectations, as private consumption and tourism rebounded.

In the week ending on May 6, 2023, US domestic raw steel production was 1,712,000 net tons while the capability utilization rate was 76.1 percent.

Indian private-sector producer Tata Steel expects a better year for steel demand on the back of infrastructure and automobile sector growth but said there is "some fragility" in the international markets.

Finished steel production rose by 3.7pc on the year to 9.98mn t, while consumption picked up by 7.2pc to 9.88mn t over the same period.