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

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.

Integrated steelmaker US Steel is indefinitely idling a blast furnace at its Mon Valley Works in Pennsylvania.

"Our plant uses a lot of water and chemicals but unlike other jurisdictions will not produce a single litre of liquid waste," SRC president Mike Crabtree said.

Tata Steel approved a merger with its seven metal subsidiaries last month to increase operational efficiency and reduce costs.

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

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

The plate delivered assessment rose by $8.25/st to $1,676.50/st.