The spread is over four times as wide as the $326/st from a year ago.

China's August output reached 233,300t, up by 7.56pc from July, according to data from the China Nonferrous Metals Industry Association.

Demand usually picks up during the Indian festivals of Dussehra and Diwali, which is celebrated in October and November, respectively.

The tone of steel bidding in September was established last Friday with the bidding price of HBIS Group at 10700 yuan per ton.

More buying interest from steelmakers is expected in the next few weeks and there should be an increase in inter-merchant trading in that time.

No firm date was given for the introduction of the planned changes.

The manufacturer's confidence was very good, and the market was mainly strong.

At present, "out of stock" is still the main theme.