Mr Acharya also explained that iron ore prices are at six-year high and international steel prices in August, too, have increased.

Of the 4.64 million tonnes of total steel exports, Vietnam and China bought 1.4 million tonnes and 1.3 million tonnes of steel respectively.

For the period from April to June, Baosteel earned 2.47 billion yuan, a jump of 60.6% from the first quarter.

NLMK Lipetsk (Novolipetsk Steel,NLMK) has embarked on a project to construct a new continuous hot dip galvanizing line HDGL-5 with a capacity of 450,000 tonnes of steel per year.

The U.S. trade representative's office said that the U.S. is taking additional measures to limit the import of steel from Mexico and Brazil in the face of domestic market difficulties caused by the COVID-19 on Monday.

Electrical steel is vital for its use in the stators and rotors in the motor of an electric vehicle.

Move to spur industry consolidation and further boost supply-side reforms.

Foreign trade in North China's Hebei province rose by 6.3 percent year-on-year to more than 231 billion yuan ($33.4 billion) in the first seven months, customs statistics showed.