The plate delivered assessment rose by $8.25/st to $1,676.50/st.

The company's saleable iron ore production stood at 1.08mn t over the three-month period, while sales edged up by 2pc against the previous year, to 1.34mn t.

Indian private-sector producer Tata Steel's sales rose by 7.2pc on the year in July-September, despite monsoon-led seasonal weakness.

Japanese automaker Honda expects to boost its North American production in the fourth quarter as access to auto parts improves.

Tata Steel approved a merger with its seven metal subsidiaries last month to increase operational efficiency and reduce costs.

Integrated steelmaker US Steel is indefinitely idling a blast furnace at its Mon Valley Works in Pennsylvania.

Machine shop turnings price indications are expected to emerge later, but a sideways trend would leave prices at $130/gt.

US steelmakers' attempts to correct the oversupply may be swamped by new capacity coming online.