Japanese ferrous scrap exports rose by 28pc in June from May to 883,157t, boosted by increased price competitiveness against US exports in Asia.

The American Iron and Steel Institute reported that for the month of July 2020, U.S. steel mills shipped 6,035,596 net tons.

Global steel production also registered a fall during the month under review, the data showed.

Vietnam spent more than 5.6 billion U.S. dollars importing over 9.7 million tons of steel and iron in the first eight months of this year.

Of the 4.64 million tonnes of total steel exports, Vietnam and China bought 1.4 million tonnes and 1.3 million tonnes of steel respectively.

According to data released by AISI, in the week ending on August 29, 2020, US domestic raw steel production was 1,383,000 net tons while the capability utilization rate was 61.7 percent.

U.S. imported a total of 2,690,000 net tons (NT) of steel in July 2020.

China's steel sector registered notable output growth in July as the country's economic recovery consolidates, industry data showed.