The remarks came after the association reported weakening demand of steel materials and high prices of raw materials used in production like coking coals.

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The world stainless association released figures for the first half year of 2022 showing that stainless steel melt shop production decreased by 3.5% year–on–year to 29.0 million metric tons.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.7 million tonnes (Mt) in September 2022, a 3.7% increase compared to September 2021.

Australian resources firm BHP has kept its iron ore production guidance for the 2022-23 fiscal year to 30 June unchanged with sustained output.

Market participants report significant advancements after Brazilian electricity regulator Aneel approved temporary rules for a new demand response program, but say there is still room for improvement.

The Argus 62pc lump premium stood at 20￠/dry metric tonne unit (dmtu) on 30 September, the highest since June.

JISPL's production plunged by 77pc on the year to 30,000t during July to September.