Electric arc furnace (EAF) steelmaker Nucor is dropping its discrete plate prices by $140/short ton (st).

Domestic steel consumption grew strongly in the first half of the financial year in a clear signal that Indian manufacturing continues on a robust growth path despite global headwinds.

It attributed its optimism to growth-stabilizing policies and rising demand from fields like new energy vehicles and solar energy.

China's steel industry maintained steady operations in the first three quarters of 2023, marked by an increasing output and improved structure, the China Iron and Steel Association (CISA) said on Tuesday.

Prices remain down by 33pc from their April peak of $1,200/st.

The project kicked off construction in January last year with an investment of 4.125 billion yuan ($564 million).

With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

JFE Steel, Japan's second largest steel producer, is entering the construction and real estate sector by offering environmentally friendly steel products under the JGreeX? brand.