An analyst said mining companies have been stepping up investment and local cooperation in China for more green opportunities in recent years.

The UK-based trade association UK Steel has published a report that examines current electricity prices faced by steelmakers in the UK, France, and Germany, and sets out four recommendations to deliver competitive electricity prices for the UK steel industry.

Iron-ore futures in Singapore touched $130 a ton for the first time since March on improving demand for steel in China, which is considering a new wave of stimulus to shore up the struggling property sector

US steelmakers were able to secure higher hot-dipped galvanized (HDG) coil pricing this week as supply tightened further.

Sales and purchases were reported at $900/st for a few hundred short tons up to 1,000st.

Morgan called on Germany's energy sector to advance rapidly in its decarbonisation plans, with coal ideally to be phased out by 2030.

Manufacturing production across the EU fell by more than 6pc on the year in September, the largest drop for any month since June 2020.

The American Iron and Steel Institute (AISI) reported that for the month of September 2023, U.S. steel mills shipped 7,252,942 net tons.