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

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

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.

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

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

Peru’s mining exports fell in the first eight months, the first accumulated year-on-year drop in 2022.

SAO PAULO - Brazilian conglomerate Cosan said on Friday it had acquired a 4.9% stake in Vale and intends to increase its bet in the mining company.

Amid volatility in most commodity markets, iron ore has been relatively stable over the past two months.