"For 2030/2031 we are looking at a supply gap of 4.5 million tonnes of greenfield project capacity, " said Wood Mackenzie.

Chinese steel futures also closed at all-time highs, underpinned by robust demand and concerns over production curbs.

Port workers in Chile called a strike in response to a move by the government to block a bill allowing people to make a third round of early withdrawals from their pension funds.

Chilean regulators have settled a high stakes dispute, defusing a spat that may have led to the suspension of the company's permit to expand its operations.