The daily Argus ICX 62pc iron ore index was at $117.35/dry metric tonne on 3 January, down by 2.2pc from a year earlier.

Overseas demand for Japanese ferrous scrap is likely to recover in 2023, while stronger domestic consumption and slower scrap generation in the country limit availability for exports.

Brazil increased its power generation capacity by 8.2GW in 2022, with fossil-fueled thermal plants accounting for 16pc of total growth.

US steelmaker Nucor has kept its plate pricing flat, a month after it dropped prices by triple digits.

Japan produces around 1mn permanent magnet synchronous motors for vehicles each year, according to trade ministry data.

India's largest iron ore producer NMDC has raised its iron ore prices for January, the second straight month of increase.

A year ago the spread was $1,058/st as HRC prices were plunging from record-high levels.

BHP and Oz Minerals agree on takeover deal