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

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.

Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

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

Vale is set to release earnings Oct. 27 after the close of regular trading.

“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.

Europe is also bringing legislation that offers incentives for the use of green hydrogen, he said.