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."

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

Thyssenkrupp received a non-binding offer from Liberty Steel for its steel unit in October.

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.

The steelmaker has informed some customers that some orders for January production would have to be delayed until February.

The accelerated speed of change is not likely to stop.