Daily hot metal output among 247 steel mills surveyed by Mysteel climbed to the highest level since October 2020.

Shares in Vedanta Ltd. have fallen by more than a fifth over the past 12 month.

The plan is to develop a hot briquette iron plant that would make high iron content compact bricks to supply steel mills.

Indian iron ore exports have surged as steel mills switched to lower-grade, cheaper feed in the face of dwindling profits.

"It becomes increasingly clear that demand has hit the ceiling amid weaker-than-expected steel sales for September and October," one analyst says.

The plant, set to start production in 2026, aims to produce 50,000 metric tonnes LFP cathode materials annually.

Stelco is in talks with a potential partner on its bid, Bloomberg sources say.

Moody's on Thursday revised its outlook on four Chinese real estate firms to "Negative" from "Stable".