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Weekly Italian rebar and drawing-quality wire rod assessments softened by �5/t to �600/t ex-works and �660/t delivered.

Just becoming a secondary steelmaker will mean the country cannot produce all the requisite grades for its automotive industry, it added.

India's private-sector steelmaker JSW Steel has announced a 13.2mn t/yr greenfield steel manufacturing complex in Paradip, Odisha.

The volume review could technically be finalised and in place for 1 July, but Griffiths said the timeline is tight.

Structural changes in the hot-rolled coil (HRC) market could see the historical premium for north European material narrow, if not evaporate, compared with Italian in the coming years.

India's ArcelorMittal Nippon Steel (AM/NS) aims to raise its ferrous scrap use to 10pc by 2030 from the current 3-5pc, with it also calling for government policy support to enable the steel sector's decarbonisation.

AISI: US Steel Shipments Unchanged In 2023.

AISI: US Raw Steel Production in the week ending on February 10, 2024.