The period saw an 11% fall in Russian steel consumption to little over 19 million mt, according to Evraz.

Japan's steel exports were 2.4895 million tons in July, down 18.7% from a year earlier, up 2.75% from a month earlier, according to data released recently by the Japan Iron and Steel Federation.

Mr Acharya also explained that iron ore prices are at six-year high and international steel prices in August, too, have increased.

During the quarter under review, the company's expenses stood at INR 1,250 crore, as against INR 1,474 crore in the same period previous fiscal.

Steel & Tube Holdings Limited has announced a full year result for the 12 months ending 30 June 2020.

For the period from April to June, Baosteel earned 2.47 billion yuan, a jump of 60.6% from the first quarter.

Of the 4.64 million tonnes of total steel exports, Vietnam and China bought 1.4 million tonnes and 1.3 million tonnes of steel respectively.

China's benchmark power coal price remained flat during the past week.