The 2201 ferrosilicon contract price on ZCE closed at 9010 yuan per ton on November 10.

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It added that it expected 2021 C1 iron ore extraction costs, which typically include only direct costs such as labor, to come to $19 per tonne.

“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note.

A recent report states that the metals sector is set to continue its rebound from the effects of the covid-19 pandemic through 2022.

Fitch Solutions lowers short-term iron-ore price forecast

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The 2201 silicomanganese contract price on ZCE closed at 8740 yuan per ton on November 9.