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.

Indian private-sector producer Tata Steel's sales rose by 7.2pc on the year in July-September, despite monsoon-led seasonal weakness.

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.

It was a 9.2% decrease from the 2,485,000 permit tons recorded in August and a 10.1% decrease from the August final imports total of 2,510,000.

The company held guidance on FFI’s annual operating expenditure unchanged at $500 million to $600 million.