BHP is the only one of the big four Western Australian iron ore mining firms to operate major coking coal exporting facilities.

Volumes on the CME Group's north European hot-rolled coil (HRC) contract have already doubled compared to 2021.

The US shipped 139,162t to China in August, 88.8pc lower than a year earlier and 51.8pc lower than July.

India's largest iron ore producer state-controlled NMDC rolled over its prices for a second straight month in October.

The federal government also has a renewable energy target of 82pc by 2030, up from around a third currently.

The Argus 62pc lump premium stood at 20￠/dry metric tonne unit (dmtu) on 30 September, the highest since June.

JISPL's production plunged by 77pc on the year to 30,000t during July to September.

Steel shipments from US mills fell in August as the market continued to deal with declining prices.