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.

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.

Indian private-sector producer Tata Steel registered its highest crude steel production of 19.9mn t and sales of 18.9mn t during the April 2022-March 2023 period.

Japan's sales of domestic passenger electric vehicles (EVs) more than doubled on the year in March, but their share in total domestic car sales was down from the previous month.

Indian private-sector steelmaker JSW Steel has successfully bid for the Jaisinghpura south iron ore block located in Ballari, Karnataka in an auction held in March.

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