The profit growth of Chinese industrial firms was positive for the first time this year as economic order further normalized from the COVID-19 epidemic in May, the National Bureau of Statistics said on Sunday.

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

ArcelorMittal today announced a €440/t ex-works base price for hot-rolled coil (HRC) in the northwest European market, buyers told Argus.

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.

Steelmakers are still expected to purchase another 50,000-100,000t of July-shipment deep-sea scrap, but almost all of their requirements have been met.

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.

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