Spot prices of ore bound for China, maker of about half the world’s steel, have fallen roughly 40% from this year’s peak above $160 in March.

“Parties are still engaging,” Transnet spokeswoman Ayanda Shezi said in a reply to questions.

Increased light vehicle production through the second half of 2022 over the first half of the year will increase availability for prime steel scrap.

SATAWU calls off Transnet strike, members to return to work on Thursday

Finished Import Market Share Estimated at 22 Percent in September.

Fortescue Chairman Andrew Forrest, Australia’s richest person, launched FFI in 2020 with an ambitious goal to produce 15 million tons of green hydrogen by 2030.

US domestic raw steel production was 1,688,000 net tons while the capability utilization rate was 75.7 percent.

Singh did not specify the shape that the PLI schemes would take, with incentives varying between the 14 sectors for which they have been introduced.