· Metals: Copper -1.4% to $4.32lb, iron ore +1.03% to...

· Metals: Copper -1.4% to $4.32lb, iron ore +1.03% to US$162.50/t

· Energy: Brent crude -1.2% to US$69.7/bbl, WTI -1.7% to US$67.3/ bbl, Thermal coal +1.1% to US$169.9/t

· Keyovernight stock moves: BHP LND -1.8%, Rio Tinto LND -2.1%, S32 (LDN) -1.8%, Anglo -1.9%, Glencore -2.1%, Vale 0.0%, Shell -2.3%, BP -2.4%, Exxon -1.5%, Chevron -1.0%, ConocoPhillips -2.1%

· GlobalIndices: S&P 500 +0.26%, DOW +0.31% & FTSE -0.90%

China’s steel production plunged in July to a 15-monthlow as the industry begins to make good on Beijing’s pledge to reduce outputbelow last year’s record levels to restrain carbon emissions. Output fell 8.4% on year to 86.8 million tons, according to the statistics bureau on Monday. Over the first seven months, China’s mills produced 649 million tons, still 8% more than last year, suggesting further swinging cuts are still to come in a sector that accounts for around 15% of China’s emissions. Production last year topped 1 billion tons for the first time as Beijing turned to infrastructure spending to juice its pandemic-wracked economy. Coal production of 314 million tons was the lowest in at least four months as efforts to boost output to meet a summer power crunch foundered in the wake of environmental and safety halts at Chinese mines. A near-10% increase in gas production, and double-digit gains in wind, solar and nuclear generation, helped meet the demands of a grid strained by a rapid increase in electricity generation due to the sweltering summer. (Bloomberg)

The steel industry’s Covid-recoverysurge has fundamentally changed the sector, according to BlueScope Steel bossMark Vassella, locking in stronger margins anddividends for years to come. While BlueScope warned on Monday its record-breaking profits would not last forever, MrVassella told The Australian that structural shifts in the global steel industry – including the rediscovery by governments and buyers that sovereign manufacturing capability matters in turbulent times – will help the company lock in better returns to shareholders through the cycle and expand to ensure more consistent profits over the next decade. BlueScope delivered its best annual profit result since breaking away from BHP in 2002 on Monday, booking a $1.19bn after-tax profit for the past financial year, on underlying earnings of $1.72bn. And the company says it is on the hunt for growth in the US and Australia, and expects to improve on the past year’s stellar result in the first half of the current fiscal year. (The Australian)