Spot prices for flat-rolled steel in the US fell again this week as mills struggled to book new spot orders.

Japanese auto manufacturer Mazda is planning to restart two-shift production at all of its four domestic assembly plants in July to gradually restore output from Covid-19 lows.

The European Automobile Manufacturers' Association (ACEA) is forecasting a 25pc drop in new passenger car sales in the EU this year as result of the Covid-19 pandemic.

In the week ending on June 20, 2020, domestic raw steel production was 1,224,000 net tons while the capability utilization rate was 54.6 percent.

Steel is one of the sectors forecast to benefit the most from the agreement.

Non-prime steel or second-grade steel is not tested as per the relevant standards specification.

Japan's biggest carmaker Toyota Motor will maintain domestic production cuts next month but expects its July car output to recover from June's low.

The company kept prices unchanged for all of its steel products in June for a second consecutive month.