Norwegian Elkem issued force majeure letters and stop/scale back production.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 149.3 million tonnes (Mt) in July 2022, a 6.5% decrease compared to July 2021.

Its revenues during this period slipped by 15pc to $268.5mn in line with the lower sales, although its average selling price climbed to $39.21/wmt, up by 26.1pc from $31.10/wmt a year earlier.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $110 a tonne Monday morning, up 2.7%

The bill includes incentives for companies that include union workers, but the overwhelming focus is on boosting US production and employment, he said.

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

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.

The mining giant said it did not agree with the decision and would appeal within the next 10 days.