The 2211 ferrosilicon contract price on ZCE closed at 8842 yuan per ton on October 10.

The world’s steel production stood at 1.95 billion tonnes in 2021, according to the World Steel Association.

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.

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

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.

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

It was a 9.2% decrease from the 2,485,000 permit tons recorded in August and a 10.1% decrease from the August final imports total of 2,510,000.

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