Steel producer Hoa Phat Group has signed a contract to export 8,000 tonnes of rebar to Mexico, its first order from the North American country.

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

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

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.

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.

BlueScope has set a goal of net-zero GHG emissions by 2050.

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

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