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.

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

Machine shop turnings price indications are expected to emerge later, but a sideways trend would leave prices at $130/gt.

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.

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

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