The spread is over four times as wide as the $326/st from a year ago.

China's August output reached 233,300t, up by 7.56pc from July, according to data from the China Nonferrous Metals Industry Association.

Demand usually picks up during the Indian festivals of Dussehra and Diwali, which is celebrated in October and November, respectively.

The tone of steel bidding in September was established last Friday with the bidding price of HBIS Group at 10700 yuan per ton.

The 2201 ferrosilicon contract price on ZCE closed at 12004 yuan per ton on September 16.

The 2201 silicomanganese contract price on ZCE closed at 9980 yuan per ton on September 16.

These are higher-value tonnages than many large iron ore shipments.

These are higher-value tonnages than many large iron ore shipments.