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

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

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

The increases are underpinned primarily by higher production costs.

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.

Part of what will lead to increasing prices will be rising costs both for raw materials and energy, according to Kestenbaum.

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.