China's steel industry should adhere to the dual-circulation development pattern and accelerate the establishment of a stable and efficient supply system for raw materials, industry experts said.

The joint research center has already delivered great insights into the outlook of Rio Tinto's largest market.

China's steel sector registered output expansion in the first 10 months of this year, industrial data showed.

"Not a good sign, but at least the worst is over and we're heading for a recovery."

US coking coal prices strengthened further early last week, buoyed by supply tightness across segments and strong demand from Chinese mills for low-volatile coals stretching into March next year.

Australia's Queensland government expects coal exports from the state to drop by 8pc.

Thyssenkrupp received a non-binding offer from Liberty Steel for its steel unit in October.

US hot-rolled coil (HRC) prices continued their march upwards.