Railroads have been trying to address the persistent delays by hiring more people and making other adjustments.

US steel imports may be set to fall in November to levels not seen since February 2021.

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Brazil's grid operator ONS forecasts an average 3.4pc yearly increase in power demand from 2023-2027.

There were 30 vessels queued off the port on 5 December, which was in line with 7 November.

The Australia low-volatile premium hard coking coal price has fallen by over $64/t, or 21pc, from the start of the month to $247.45/t fob on 30 November.

Historically, crude oil and iron ore prices are strongly correlated, which is unsurprising given they are both commodities tied to the state of the global economy. But in recent weeks the link has largely been severed.