Demand has remained steadier for longer than the market had expected, with talk of a recession pushing further out into the year and lessening in severity.

Indian private-sector producer JSW Steel's crude steel output rose by 10pc from a year earlier to 1.73mn t.

US steelmaker Evraz North America has increased its prices for flat steel products.

The Argus US plate ex-works assessment has been relatively flat at around $1,480/st since early December.

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China is taking fresh measures to deter hoarding of iron-ore in a bid to cool a surge in prices of the key steel-making material.

Mexico’s construction sector contracted 1.0% in January from December, statistics office Inegi said.