Hot-rolled coil advanced 2.3%, while stainless steel gained 0.3%.

In the week ending on October 1, 2022, domestic raw steel production was 1,700,000 net tons while the capability utilization rate was 77.1 percent.

This volume is only below what was recorded in September 2020, when Brazil exported 37.47 million tonnes for the month.

Vale added in a securities filing, however, that no decision has been reached yet on any potential transaction.

Exports to the three major destinations — South Korea, Vietnam and Taiwan, China.

Amid volatility in most commodity markets, iron ore has been relatively stable over the past two months.

The company held guidance on FFI’s annual operating expenditure unchanged at $500 million to $600 million.

The report highlights that, in 2021, shipments from domestic steel mills measured 94.7 million net tons (NT), up 16.9 percent from the previous year.