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

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

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

The increases are underpinned primarily by higher production costs.

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

Brazil's power market will not need to choose between sustainability or generation capacity if both are priced efficiently.

The firm's subsidiary Keppel Energy will hire Japan's Mitsubishi Power Asia Pacific and Singapore-based Jurong Engineering to build the Keppel Sakra Cogen Plant, located in the Sakra sector of Jurong Island.

The fall in premiums has not come as a surprise as weak demand continues to delay settlements for third-quarter pellet premiums, particularly among Japanese mills.