“We remain bullish on 2022 [steel demand in Brazil],” Werneck said. “For flat steel, the outlook is positive.”

Erdemir Group produced 6.815 million tonnes of crude steel over the first nine months of 2021, equivalent to 23% of the national total.

Liquidity has been reduced on the spot market, with producers having low volumes of material available.

Fastmarkets' chrome ore South Africa UG2 concentrates index basis 42%, cif China dipped by $1 per tonne on October 26 to $154 per tonne.

Some of these higher offers, especially those for high-grade material, have gained acceptance in the market and deals have been concluded at these levels.

The downward move was also seen as a correction to the price gap that emerged between spot and tender prices last week.

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