Similarly, silico-manganese prices remained stable at €1,240-1,320/t ddp on sluggish appetite for fresh spot bookings.

India's Federation of Indian Mineral Industries (FIMI) has urged the government to reconsider the proposal for mandatory beneficiation of low-grade iron ore, saying it is economically and technically unviable.

The company has also kept its Spanish Sestao electric arc furnace-based coils mill off line, given weak demand and high energy costs.

Similarly, silico-manganese prices remained stable at €1,240-1,320/t ddp on sluggish appetite for fresh spot bookings.

OMH H1 profit jumps to RM268.9 million

European market leader ArcelorMittal is idling blast furnace A at its Asturias plant in Spain in response to weak demand.

The producer will also stop a direct reduction plant in Hamburg, where it produces wire rod, from the fourth quarter.

Magnesium production capacity outside China is forecast to expand to 24pc of global supply by 2032.