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 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.

The fall in premiums has not come as a surprise as weak demand continues to delay settlements for third-quarter pellet premiums, particularly among Japanese mills.

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

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

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

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.