In the longer term, Fitch forecasts prices to decline from an average $155 a tonne in 2021 to $65 a tonne by 2025 and $52 a tonne by 2030.

Global automakers are amping up investments aimed at weaning car buyers away from fossil fuels and meeting increasingly tough decarbonization targets.

"(China's steel) production restrictions have suppressed expectations for winter storage and replenishment."

China exported 15,545 tonnes of refined lead in September, the highest monthly tally since 2007, writes Andy Home.

Price was also capped by worries about the ongoing property crisis in China.

Overall, there is little to suggest that China’s iron ore demand will stage a recovery in the coming months, writes Clyde Russell.