European market leader ArcelorMittal is idling blast furnace A at its Asturias plant in Spain in response to weak demand.

The producer will also stop a direct reduction plant in Hamburg, where it produces wire rod, from the fourth quarter.

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.

Several presenters pointed to new markets opening up for magnesium metal usage in lightweight die casting for EVs, battery housing and, further down the line, in the batteries themselves.

Magnesium production capacity outside China is forecast to expand to 24pc of global supply by 2032.

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

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

Integrated steelmaker US Steel and its union membership appear to be at an impasse over contract negotiations.