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

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

Steel shipments from US mills fell in August as the market continued to deal with declining prices.

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

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

High water storage levels at hydropower reservoirs have led Brazilian grid operator ONS and chamber of electric energy commercialization CCEE to launch a plan to export power to Argentina and Uruguay.

Limited overseas scrap demand will continue to weigh on export prices, trade sources said.

HRC lead times in the Midwest fell to 3-4 weeks from 4 weeks.