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Sohar Port and Freezone on Sunday signed a land lease agreement with Starsun Sohar (FZC) to establish a recycling plant dedicated to the sustainable management of lead-acid batteries in Sohar Freezone.

Just becoming a secondary steelmaker will mean the country cannot produce all the requisite grades for its automotive industry, it added.

India's private-sector steelmaker JSW Steel has announced a 13.2mn t/yr greenfield steel manufacturing complex in Paradip, Odisha.

Vale will receive its pro rata share of Minas Rio production with completion of the deal. It will also have an option to acquire an additional 15pc stake in the enlarged Minas Rio for cash.

Weekly Italian rebar and drawing-quality wire rod assessments softened by �5/t to �600/t ex-works and �660/t delivered.

The volume review could technically be finalised and in place for 1 July, but Griffiths said the timeline is tight.

India's ArcelorMittal Nippon Steel (AM/NS) aims to raise its ferrous scrap use to 10pc by 2030 from the current 3-5pc, with it also calling for government policy support to enable the steel sector's decarbonisation.

Structural changes in the hot-rolled coil (HRC) market could see the historical premium for north European material narrow, if not evaporate, compared with Italian in the coming years.