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

Baowu produced 96mn t of steel in 2019 to overtake Luxembourg-based ArcelorMittal, which produced 89.8mn t, as the world's largest steelmaker.

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.

It is expected that a new round of coal price rise will not appear until April or may.

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

The company plans to produce up to 160000 tons of new products from the second half of 2022.

Nippon Steel today revised up its projected crude steel output to 33.2mn t for the April 2020-March 2021 fiscal year from an earlier forecast 32.7mn t.