China's producer price index, which gauges factory-gate prices, increased 4.2 percent year-on-year in July, following a 6.1 percent rise from the previous month, the NBS said.

The 2209 ferrosilicon contract price on ZCE closed at 7520 yuan per ton on August 17.

Lead times for CRC rose slightly to 6 weeks from 5-6 weeks while HDG lead times edged down to 4-5 weeks from 4-6 weeks.

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 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.

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

The LCRC said that since the railway's opening, it has been actively enhancing the transportation organization, optimizing the freight service, and effectively ensuring efficient and smooth transportation.

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