The remarks came after the association reported weakening demand of steel materials and high prices of raw materials used in production like coking coals.

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The world stainless association released figures for the first half year of 2022 showing that stainless steel melt shop production decreased by 3.5% year–on–year to 29.0 million metric tons.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.7 million tonnes (Mt) in September 2022, a 3.7% increase compared to September 2021.

The firm maintained its 2022-23 financial year production guidance at 58mn-64mn t.

Australian resources firm BHP has kept its iron ore production guidance for the 2022-23 fiscal year to 30 June unchanged with sustained output.

Australian-Japanese joint venture BHP Mitsubishi Alliance (BMA) is facing potential strikes at its coking coal mines in Queensland, as members of Australian unions vote in favour of taking protected industrial action.

The Argus weekly domestic US ex-works plate assessment was flat at $1,620/st.