Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

The longer the European scrap supply issue persists, the longer Turkish scrap import prices could remain at elevated levels.

Vietnam's ferrous scrap imports in July fell to their second-lowest monthly level this year, as demand was dented by subdued production and weaker trading activity.

The rise in trade deficit has been attributed to a surge in imports driven by elevated global commodity prices.

The northwest European hot-rolled futures market continues to move into a steeper contango, as end users look to lock in forward prices which are low compared with their physical contract offers.

The daily Argus ICX 62pc iron ore index was at $108.75/dry metric tonne on 10 August, lower by 33pc from a year earlier.

China's producer price index, which gauges factory-gate prices, increased 4.2 percent year-on-year in July, following a 6.1 percent rise from the previous month, the NBS said.

The new numbers were the result of a previous public consultation, which reviewed the methodology and other factors related to calculating nameplate generation capacity.