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.

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

The firm will invest 575bn rupees [$7.23bn] in the two projects that have received high-level clearance approval from the Odisha government.

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

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.

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

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.