Integrated steelmaker US Steel and its union membership appear to be at an impasse over contract negotiations.

More European steelmakers are announcing increases following ArcelorMittal's announcement last week.

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.

Swedish start-up H2 Green Steel has raised €190mn ($189mn) in a financing round, for its initiative to decarbonise steel production by around 95pc using renewable hydrogen.

The increases are underpinned primarily by higher production costs.

South Korean ferrous scrap imports fell by 24pc from a year earlier in July because of cheaper domestic scrap and high inventory levels.

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.

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