Worldsteel has reviewed its Short Range Outlook (SRO) for 2020 and 2021 to show a much smaller demand decline than previously expected.

At present, China's crude stainless steel output ranks first in the world, accounting for more than half of the global market, according to the forum.

As the market enters the final few months of 2020, US flat-rolled steel mills sit in a much better position than they were just two months ago.

In the week ending on October 17, 2020, US domestic raw steel production was 1,535,000 net tons while the capability utilization rate was 69.4 percent.

China's car sales rose in September for a fifth straight month to their highest level this year.

Carbon is increasingly acquiring a cost that will eventually be built into steel production all over the world.

China's economy expanded by almost 5pc in the third quarter, continuing the country's recovery from its Covid-19 outbreak earlier this year.

Liberty Steel Group has submitted a non-binding indicative offer for ThyssenKrupp Steel Europe, the group said.