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"These difficult conditions make the industry even more vulnerable to surges in imports."

Baosteel expects China's vehicle production to drop 6% year on year to 24.2 million units in 2020, improving from a 11.8% year-on-year drop in January-July.

As per the revised order, 38 blocks would be auctioned instead of previously announced 41.

Japan's steel exports were 2.4895 million tons in July, down 18.7% from a year earlier, up 2.75% from a month earlier, according to data released recently by the Japan Iron and Steel Federation.

Mr Acharya also explained that iron ore prices are at six-year high and international steel prices in August, too, have increased.

Steel & Tube Holdings Limited has announced a full year result for the 12 months ending 30 June 2020.

During the quarter under review, the company's expenses stood at INR 1,250 crore, as against INR 1,474 crore in the same period previous fiscal.

China's benchmark power coal price remained flat during the past week.