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.

The steel does not have to be painted, which saves maintenance costs.

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

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

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

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.

The No.4 furnace at Gary has a rated annual capacity of 1.36 million st/year, according to data from the Association for Iron and Steel Technology.

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