Prices remain down by 33pc from their April peak of $1,200/st.

The project kicked off construction in January last year with an investment of 4.125 billion yuan ($564 million).

With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

JFE Steel, Japan's second largest steel producer, is entering the construction and real estate sector by offering environmentally friendly steel products under the JGreeX? brand.

According to data announced by the General Administration of Customs of the People's Republic of China, the export volume of finished steel products in September 2023 was 8 million tons.

But sources at larger mills said they will not move automotive contracts to spot references that "reduce" their negotiating power.

This marks "the beginning of a new era in steel producing," Cleveland-Cliffs CEO Lourenco Goncalves said.

India's JSW Steel wins iron ore block in Karnataka.