US domestic raw steel production was 1,723,000 net tons while the capability utilization rate was 78.2 percent.

Slovakia-based US Steel Kosice idled blast furnace two at its Slovakian site on 4 September for a 60-day stoppage.

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

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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.

Swedish start-up H2 Green Steel has raised €190mn ($189mn) in a financing round, for its initiative to decarbonise steel production by around 95pc using renewable hydrogen.

Part of what will lead to increasing prices will be rising costs both for raw materials and energy, according to Kestenbaum.