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.

China announced on Friday that it will impose export controls on certain graphite materials and related products, effective from December 1.

Japan’s JFE Steel Corp is in talks to buy a stake in the metallurgical coal business of Canada’s Teck Resources, two people aware of the development said, adding to the list of suitors that also includes miner Glencore.

Coal miner Whitehaven Coal has struck $3.2-billion deal with diversified miner BHP and Mitsubishi Development to acquire the Duania and Blackwater metallurgical coal mines in Queensland.

Iron-ore production in the first quarter ended September fell by 3% on the previous quarter, to 63.2-million tonnes

Rio Tinto reported a 1.2% rise in its third-quarter iron ore shipments on Tuesday, as the Anglo-Australian miner ramped up production at its Gudai-Darri mine.

JFE Steel, Japan's second largest steel producer, is entering the construction and real estate sector by offering environmentally friendly steel products under the JGreeX? brand.