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The HBIS Group, or Hebei Iron and Steel, paid about 200 million yuan ($29 million) to Vale, the largest producer and exporter of iron in the world, earlier this week.

HBIS released ferrosilicon 72# tender price of February as 6900 yuan per ton, an increase of 750 yuan per ton on January, and the tender volume was 1050 tons, down by 863 tons vs. the last month.