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.

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.

Full-year 2023 net earnings was $895 million, or $3.56 per diluted share, and adjusted net earnings was $1,195 million, or $4.73 per diluted share.