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.

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

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

Japan produces around 1mn permanent magnet synchronous motors for vehicles each year, according to trade ministry data.

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

A year ago the spread was $1,058/st as HRC prices were plunging from record-high levels.

The 2303 ferrosilicon contract price on ZCE closed at 8224 yuan per ton on January 5.

BHP and Oz Minerals agree on takeover deal