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.

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

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.

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

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

"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.