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

The LCRC said that since the railway's opening, it has been actively enhancing the transportation organization, optimizing the freight service, and effectively ensuring efficient and smooth transportation.

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.

The firm will invest 575bn rupees [$7.23bn] in the two projects that have received high-level clearance approval from the Odisha government.

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 European scrap supply system is highly dependent on inland river transportation.

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