The joint research center has already delivered great insights into the outlook of Rio Tinto's largest market.

China's steel sector registered output expansion in the first 10 months of this year, industrial data showed.

The steel does not have to be painted, which saves maintenance costs.

Australia's Queensland government expects coal exports from the state to drop by 8pc.

US coking coal prices strengthened further early last week, buoyed by supply tightness across segments and strong demand from Chinese mills for low-volatile coals stretching into March next year.

"Not a good sign, but at least the worst is over and we're heading for a recovery."

US hot-rolled coil (HRC) prices continued their march upwards.

The No.4 furnace at Gary has a rated annual capacity of 1.36 million st/year, according to data from the Association for Iron and Steel Technology.