Several presenters pointed to new markets opening up for magnesium metal usage in lightweight die casting for EVs, battery housing and, further down the line, in the batteries themselves.

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

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.

Brazil's power market will not need to choose between sustainability or generation capacity if both are priced efficiently.

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

The firm's subsidiary Keppel Energy will hire Japan's Mitsubishi Power Asia Pacific and Singapore-based Jurong Engineering to build the Keppel Sakra Cogen Plant, located in the Sakra sector of Jurong Island.

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.