The 2201 ferrosilicon contract price on ZCE closed at 11382 yuan per ton on October 28.

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

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

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

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.

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

Global crude steel production falls for fourth consecutive month

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