China's steel sector saw output expansion in the first quarter of the year, industrial data showed.

US exports to China totalled 439,924t in February, more than trebling compared with a year earlier.

The curve is in a clear backwardation, with May trading on screen almost €50/t below the underlying Argus assessment, which stood at €834.25/t.

Electric arc furnace (EAF) platemaker Nucor has increased its plate prices by $40/short ton (st).

Patrik Schober, a media representative of Tameh Czech, said negotiations are "under way" between the companies, but would not comment further.

Tata Steel aims to achieve net zero carbon emissions from its Indian operations by 2045, while India aims to reach net-zero emissions by 2070.

Iron ore exploration and development company Equatorial Resources (ASX:EQX) has entered into a conditional agreement with privately owned company Companhia Rio de Ferro to acquire the Nimba Alliance Iron Ore Project in Guinea, West Africa.

Its iron ore sales fell by 5.7pc to 38.25mn t during the same period.