But sources at larger mills said they will not move automotive contracts to spot references that "reduce" their negotiating power.

This marks "the beginning of a new era in steel producing," Cleveland-Cliffs CEO Lourenco Goncalves said.

India's JSW Steel wins iron ore block in Karnataka.

The 2312 ferrosilicon contract price on ZCE closed at 7050 yuan per ton on October 16.

China's bulk commodity imports expanded in the first nine months of 2023, data from the General Administration of Customs showed.

China's iron ore imports remained firm in September, marking the third-highest volumes so far this year, although it fell from the near three-year high in August.

The world is changing, US Steel president and CEO Dave Burritt said Thursday (Oct. 12), and perhaps it is no more evident than in the new line that can produce the thinnest gauges, widest widths and biggest coils in the domestic steel market today.

Downstream support was insufficient, and the speed of ferrosilicon shipment has slowed down, leading to a growing cautious wait-and-see sentiment.