The bill includes incentives for companies that include union workers, but the overwhelming focus is on boosting US production and employment, he said.

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.

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 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.

Lead times for CRC rose slightly to 6 weeks from 5-6 weeks while HDG lead times edged down to 4-5 weeks from 4-6 weeks.

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

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