The daily Argus ICX 62pc iron ore index was at $117.35/dry metric tonne on 3 January, down by 2.2pc from a year earlier.

India's largest iron ore producer NMDC has raised its iron ore prices for January, the second straight month of increase.

A year ago the spread was $1,058/st as HRC prices were plunging from record-high levels.

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This has been a year of crisis for the nickel market.

"Pretty much everyone accepts the current level [of premiums] is the new reality", a trader said.