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.

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.

Japanese automaker Honda expects to boost its North American production in the fourth quarter as access to auto parts improves.

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

Steelmaker Nucor is keeping its plate prices flat, just weeks after announcing lower pricing.

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