"It is a step forwards but it has by no means answered all questions or addressed all outstanding issues," Hydrogen UK chief executive Clare Jackson said.

HRC lead times in the Midwest were flat at 4-5 weeks.

Compared with the prior month, the CPI rose by 0.1pc in November on a seasonally adjusted basis, slowing from 0.4pc in the two prior months and well off a peak of 1.3pc in June.

There have been a number of 10,000t trades in recent days, the highest single monthly clip since the European contract launched in March 2020.

US steel imports may be set to fall in November to levels not seen since February 2021.

The RoDTEP scheme, which offers refunds on central, state and local duties and taxes, is applicable to exports until 30 September 2023.

The Australia low-volatile premium hard coking coal price has fallen by over $64/t, or 21pc, from the start of the month to $247.45/t fob on 30 November.

Historically, crude oil and iron ore prices are strongly correlated, which is unsurprising given they are both commodities tied to the state of the global economy. But in recent weeks the link has largely been severed.