The traditional peak season in September has arrived, and many people in the industry were optimistic about it.

Swedish start-up H2 Green Steel has raised €190mn ($189mn) in a financing round, for its initiative to decarbonise steel production by around 95pc using renewable hydrogen.

More European steelmakers are announcing increases following ArcelorMittal's announcement last week.

Part of what will lead to increasing prices will be rising costs both for raw materials and energy, according to Kestenbaum.

Several presenters pointed to new markets opening up for magnesium metal usage in lightweight die casting for EVs, battery housing and, further down the line, in the batteries themselves.

Magnesium production capacity outside China is forecast to expand to 24pc of global supply by 2032.

Integrated steelmaker US Steel and its union membership appear to be at an impasse over contract negotiations.

South Korean ferrous scrap imports fell by 24pc from a year earlier in July because of cheaper domestic scrap and high inventory levels.