The daily Argus ICX 62pc iron ore index was at $96.15/dry metric tonne today, down 19pc from a year earlier.

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.

Private construction was at a seasonally adjusted annual rate of $1.43tn, 0.6pc below the July estimate of $1.44tn.

"Our plant uses a lot of water and chemicals but unlike other jurisdictions will not produce a single litre of liquid waste," SRC president Mike Crabtree said.

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

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

The 2211 ferrosilicon contract price on ZCE closed at 8698 yuan per ton on October 11.