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In 2023 steel demand will see further growth of 2.2% to reach 1,881.4 Mt. The current forecast is subject to high uncertainty.

Analysis said that the demand in April may be lower than expected, restraining the rise of steel prices.

Mining production contracted by 6% y/y in February

Mineral Production Records 13.2 per cent Cumulative Growth

The Australian federal government plans to slow down the accelerated rate of power plant closures.

Previous estimates had the country's power demand showing growth of 2.7pc for 2022 and have now been readjusted to 1.7pc growth for this year over 2021.

METSO OUTOTEC ROLLS OUT DIGITAL PLATFORM

"None of the [actions required] will be feasible if the supply of metals does not keep pace with the spectacular demands expected to be created by the needs of the energy transition," said McKay.