Steel producer Hoa Phat Group has signed a contract to export 8,000 tonnes of rebar to Mexico, its first order from the North American country.

Rival miners have cautioned over a weaker outlook and Rio Tinto Group last month reported a decline in first-half profits and halved its dividend.

China’s infrastructure and automotive sectors are “already responding to policy support,”.

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

The longer the European scrap supply issue persists, the longer Turkish scrap import prices could remain at elevated levels.

Vietnam's ferrous scrap imports in July fell to their second-lowest monthly level this year, as demand was dented by subdued production and weaker trading activity.

The rise in trade deficit has been attributed to a surge in imports driven by elevated global commodity prices.

The northwest European hot-rolled futures market continues to move into a steeper contango, as end users look to lock in forward prices which are low compared with their physical contract offers.