The Argus 62pc lump premium stood at 20￠/dry metric tonne unit (dmtu) on 30 September, the highest since June.

UK-Australian mining firm Rio Tinto expects to come in at the bottom of its 320mn-335mn t guidance for 2022.

Australian resources firm BHP has kept its iron ore production guidance for the 2022-23 fiscal year to 30 June unchanged with sustained output.

Japan and the US remained Vietnam's top two suppliers and accounted for 58pc of total imports in September.

Steel shipments from US mills fell in August as the market continued to deal with declining prices.

US steelmaker Nucor is expecting to roll its first plate at its new Brandenburg, Kentucky, mill by the end of the year.

HRC lead times in the Midwest fell to 3-4 weeks from 4 weeks.

Total US electric power sector electricity output for October-March will edge down by less than one-tenth of one percent to around 1,929bn kWh, EIA projected.