Rival miners have cautioned over a weaker outlook and Rio Tinto Group last month reported a decline in first-half profits and halved its dividend.

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

The bill includes incentives for companies that include union workers, but the overwhelming focus is on boosting US production and employment, he said.

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

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

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