SAO PAULO - Brazilian conglomerate Cosan said on Friday it had acquired a 4.9% stake in Vale and intends to increase its bet in the mining company.

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

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.

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

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

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

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.

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.