The increases are underpinned primarily by higher production costs.

More European steelmakers are announcing increases following ArcelorMittal's announcement last week.

Part of what will lead to increasing prices will be rising costs both for raw materials and energy, according to Kestenbaum.

Swedish start-up H2 Green Steel has raised €190mn ($189mn) in a financing round, for its initiative to decarbonise steel production by around 95pc using renewable hydrogen.

South Korean ferrous scrap imports fell by 24pc from a year earlier in July because of cheaper domestic scrap and high inventory levels.

Open interest on the CME Group's north European hot-rolled coil contract hit another record level on Tuesday, as daily traded tonnage also reached a new high.

The company plans to sell its USW-represented blast furnace steelmaking plant in Granite City, Illinois, to SunCoke by 2024.

CMC recycles and manufactures steel and metal products at its facilities in the US and in Poland.