Volumes on the CME Group's north European hot-rolled coil (HRC) contract have already doubled compared to 2021.

US steelmaker Nucor is expecting to roll its first plate at its new Brandenburg, Kentucky, mill by the end of the year.

Steel shipments from US mills fell in August as the market continued to deal with declining prices.

Japan and the US remained Vietnam's top two suppliers and accounted for 58pc of total imports in September.

HRC lead times in the Midwest fell to 3-4 weeks from 4 weeks.

Limited overseas scrap demand will continue to weigh on export prices, trade sources said.

Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

Increased light vehicle production through the second half of 2022 over the first half of the year will increase availability for prime steel scrap.