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

On Thursday, Fastmarkets approached the company for comment, but Ferroglobe officials had not confirmed the furnace restart at the time of writing.

The 2201 silicomanganese contract price on ZCE closed at 9760 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.

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.

“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.