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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.

Part of what will lead to increasing prices will be rising costs both for raw materials and energy, according to Kestenbaum.

The increases are underpinned primarily by higher production costs.

The company plans to sell its USW-represented blast furnace steelmaking plant in Granite City, Illinois, to SunCoke by 2024.

Open interest on the CME Group's north European hot-rolled coil contract hit another record level on Tuesday, as daily traded tonnage also reached a new high.

CMC recycles and manufactures steel and metal products at its facilities in the US and in Poland.

CMC recycles and manufactures steel and metal products at its facilities in the US and in Poland.