China's largest steelmakers scaled back production in late October to the lowest since March 2018, after slightly increasing output from lows in late September.

JSW's average capacity utilisation rose to 95pc during October compared with 89pc a year earlier and the highest since March this year when it was 96pc.

The 2201 silicomanganese contract price on ZCE closed at 8780 yuan per ton on November 11.

The 2201 ferrosilicon contract price on ZCE closed at 9450 yuan per ton on November 11.

The 2201 silicomanganese contract price on ZCE closed at 8588 yuan per ton on November 10.

The 2201 ferrosilicon contract price on ZCE closed at 9010 yuan per ton on November 10.

It added that it expected 2021 C1 iron ore extraction costs, which typically include only direct costs such as labor, to come to $19 per tonne.

“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note.