The joint research center has already delivered great insights into the outlook of Rio Tinto's largest market.

China's steel industry should adhere to the dual-circulation development pattern and accelerate the establishment of a stable and efficient supply system for raw materials, industry experts said.

"Not a good sign, but at least the worst is over and we're heading for a recovery."

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.

Ningxia and Gansu have issued electricity price adjustment policies, and the impact is not very clear at present.

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

The 2101 ferrosilicon contract price on ZCE closed at 6268 yuan per ton on December 3.

US hot-rolled coil (HRC) prices continued their march upwards.