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

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 European scrap supply system is highly dependent on inland river transportation.

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 daily Argus ICX 62pc iron ore index was at $108.75/dry metric tonne on 10 August, lower by 33pc from a year earlier.

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

BlueScope has set a goal of net-zero GHG emissions by 2050.

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.