The 2010 ferrosilicon contract price on ZCE closed at 5738 yuan per ton on September 3.

Supply of vanadium to China had grown from 3% to 18% of total production, said Fortune Mojapelo, CEO of Bushveld Minerals who added that the structural drivers behind vanadium demand growth “could not be stronger”.

Japan's steel exports were 2.4895 million tons in July, down 18.7% from a year earlier, up 2.75% from a month earlier, according to data released recently by the Japan Iron and Steel Federation.

Ferroglobe's second-quarter silicon and manganese product shipments fell 39% year on year to 142,653 mt.

Mr Acharya also explained that iron ore prices are at six-year high and international steel prices in August, too, have increased.

China's benchmark power coal price remained flat during the past week.

For the period from April to June, Baosteel earned 2.47 billion yuan, a jump of 60.6% from the first quarter.

Of the 4.64 million tonnes of total steel exports, Vietnam and China bought 1.4 million tonnes and 1.3 million tonnes of steel respectively.