The project kicked off construction in January last year with an investment of 4.125 billion yuan ($564 million).

With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

Prices remain down by 33pc from their April peak of $1,200/st.

The country produced 3.44 billion tonnes of raw coal during the period, according to the National Bureau of Statistics.

Coal is a main export commodity of Mongolia, which is rich in natural resources.

It found that mild weather over Australia's winter led to lower demand for electricity over the period.

World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 149.3 million tonnes (Mt) in September 2023, a 1.5% decrease compared to September 2022.

The 2312 ferrosilicon contract price on ZCE closed at 7038 yuan per ton on October 24.