The daily Argus ICX 62pc iron ore index was at $117.35/dry metric tonne on 3 January, down by 2.2pc from a year earlier.

Brazil increased its power generation capacity by 8.2GW in 2022, with fossil-fueled thermal plants accounting for 16pc of total growth.

The 2303 ferrosilicon contract price on ZCE closed at 8436 yuan per ton on January 9.

Indonesia's energy ministry (ESDM) has set the country's coal production target at 694mn t for 2023, around 5pc higher than the 2022 target of 663mn t, which has been exceeded.

Overseas demand for Japanese ferrous scrap is likely to recover in 2023, while stronger domestic consumption and slower scrap generation in the country limit availability for exports.

The Ferrosilicon Futures continued to fall this week. The spot quotation has not changed much, maintaining a relatively firm and stable operation.

The 2303 ferrosilicon contract price on ZCE closed at 8234 yuan per ton on January 6.

India's largest iron ore producer NMDC has raised its iron ore prices for January, the second straight month of increase.