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

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.

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

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.

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

The August Japan Kanto tender was settled on 10 August at an average of ¥42,061/t ($311.56/t) fas for H2, equivalent to ¥43,061/t fob.