The composite index for coastal bulk freight gained 1.9 percent week-on-week to 1,098.7, said the SSE.

Rio Tinto will account for 54 percent of the joint venture while China Baowu will account for 46 percent.

Brazil seeks to boost the share of mining in the national economy, focusing on private investment and smaller players.

AISI reported that for the month of July 2022, U.S. steel mills shipped 7,676,083 net tons, a 7.3 percent decrease from the 8,278,863 net tons shipped in July 2021.

In August, the largest steel import permit applications were for Canada (587,000 NT, up 8% from July final), Mexico (479,000 NT, up 4%), South Korea (202,000 NT, down 28%), Brazil (107,000 NT, down 58%) and Vietnam (107,000 NT, up 110%).

US domestic raw steel production was 1,723,000 net tons while the capability utilization rate was 78.2 percent.

In July, the largest suppliers were Canada (544,000 NT, down 14% vs. June), Mexico (460,000 NT, down 12%), South Korea (279,000 NT, down 7%), Brazil (252,000 NT, up 26%) and Japan (173,000 NT, up 76%).

Slovakia-based US Steel Kosice idled blast furnace two at its Slovakian site on 4 September for a 60-day stoppage.