Tianjin has pushed forward the comprehensive transformation of its iron and steel industry chain in recent years.

Rio Tinto has entered into a joint venture with North American-based Giampaolo Group to manufacture and market recycled aluminium products.

Brazilian miner Vale posted 6.3% growth in second-quarter iron ore production while sales lagged, the company announced in a securities filing on Tuesday.

Lugano-based steel trader Ivancore is working to rebuild its credit lines and volumes after a number of staff left the company.

This week started off slow after the 4 July holiday fell on a Tuesday last week, with many taking off most if not all of the holiday week.

US hot-dipped galvanized (HDG) and cold-rolled coil (CRC) prices continued to increase after the holiday week.

"The Covid inflation shock is over for PPI," said Ian Shepherdson, chief economist at Pantheon Macro. "The Fed does not need to hike further."

EU hot-rolled coil (HRC) imports increased sharply in May, according to Global Trade Tracker data, with all major suppliers lifting cleared volumes.