Notably, sources estimated that by 2030, 30% of the European steel market will be green (zero or close to zero emissions).

Spot activity for hot-rolled coil remains muted, limiting upside for primes and shred despite weak flows. Overall trend consensus remains little changed, up to 63% in August from 60% in July.

This year-to-date rise in scrap exports comes despite rumors of market resistance in Japan to the practice of exporting higher grades of material.

This year-to-date rise in scrap exports comes despite rumors of market resistance in Japan to the practice of exporting higher grades of material.

“The demand for that type of steel is going to far outpace the supply of that material,” he added.

A scoping study into the Buena Vista iron-ore project, in Nevada, has estimated that the project could produce 1.6-million tonnes a year of concentrate over a mine life of 25 years.

Competing service center Ryerson expects shipments to be down by 5.1-7pc in the third quarter from a year earlier.

The International Steel Trade Association (ISTA) has written to the UK minister for international trade challenging Tata Steel UK's hefty imports of Indian hot-rolled coil (HRC).