Indian domestic hot-rolled coil dropped to 69,000 rupees/t ex-Mumbai on 20 May, down by 5pc from a year earlier, with sluggish demand.

American Iron and Steel Institute (AISI) reported that the U.S. imported a total of 2,729,000 net tons (NT) of steel in April 2022.

In the week ending on May 21, 2022, US domestic raw steel production was 1,789,000 net tons while the capability utilization rate was 82.0 percent.

Electric arc furnace (EAF) steelmaker Nucor has lowered its plate prices for the first time in at least two years.

The higher tax is effective 22 May, India's finance ministry said on 22 May 2022.

Brazil's demand for power rose by 1.9pc in the first half of May from a year earlier, as consumption grew both in the regulated and free markets.

It was the second consecutive month that US steel production has lagged its prior year period.

European steelmaker ArcelorMittal plans to continue to acquire steel scrap recyclers in order to guarantee long-term security of supply.