There have been a number of 10,000t trades in recent days, the highest single monthly clip since the European contract launched in March 2020.

Low- or zero-carbon hydrogen and ammonia solutions may also be extended to the energy, chemicals and aviation industries, the EMA added.

The RoDTEP scheme, which offers refunds on central, state and local duties and taxes, is applicable to exports until 30 September 2023.

US steel imports may be set to fall in November to levels not seen since February 2021.

There were 30 vessels queued off the port on 5 December, which was in line with 7 November.

Brazil's grid operator ONS forecasts an average 3.4pc yearly increase in power demand from 2023-2027.

The Australia low-volatile premium hard coking coal price has fallen by over $64/t, or 21pc, from the start of the month to $247.45/t fob on 30 November.

Historically, crude oil and iron ore prices are strongly correlated, which is unsurprising given they are both commodities tied to the state of the global economy. But in recent weeks the link has largely been severed.