JSW's average capacity utilisation rose to 95pc during October compared with 89pc a year earlier and the highest since March this year when it was 96pc.

Australian iron ore mining firms Fenix and Fe Limited are using hedging to keep operating, with most of their unhedged rivals having stopped production or development with the reality of a more than halving of the iron ore price over the past four months.

China's largest steelmakers scaled back production in late October to the lowest since March 2018, after slightly increasing output from lows in late September.

"We will be carrying out planned maintenance in some of our mills during this period, although there will be no impact on customers," a company spokesperson said.

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It added that it expected 2021 C1 iron ore extraction costs, which typically include only direct costs such as labor, to come to $19 per tonne.

“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note.