"I don't see a contradiction between that and having a strong climate change policy."

The iron ore options started trading at the Dalian Commodity Exchange (DCE) on Monday.

AM Italia sites to strike as production cuts, 4,700 jobs threatened.

"It's a big mess and people are totally confused - all buyers prefer to import on a CFR basis as it's easy," a steel trader said.

Vietnam's consumption of steel products, especially colour-coated steel, declined in October while production continued to rise, according to the Vietnam Steel Association (VSA).

Vale said it plans a "coordinated exit" for its steel joint ventures, in an investor presentation this week.

The agency’s views are based on its study of 38 listed and unlisted Indian steel companies.

The IIP decreased by an estimated 1.6 percent compared to last month.