The world stainless association released figures for the first half year of 2022 showing that stainless steel melt shop production decreased by 3.5% year–on–year to 29.0 million metric tons.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.7 million tonnes (Mt) in September 2022, a 3.7% increase compared to September 2021.

JISPL's production plunged by 77pc on the year to 30,000t during July to September.

Indian private-sector producer JSW Steel has signed an initial deal with US-based finance technology firm Smartex to explore low-emissions steel production.

Volumes on the CME Group's north European hot-rolled coil (HRC) contract have already doubled compared to 2021.

The Argus weekly domestic US ex-works plate assessment was flat at $1,620/st.

Japan and the US remained Vietnam's top two suppliers and accounted for 58pc of total imports in September.

US steelmaker Nucor is expecting to roll its first plate at its new Brandenburg, Kentucky, mill by the end of the year.