Increased light vehicle production through the second half of 2022 over the first half of the year will increase availability for prime steel scrap.

Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project for $2 billion as it looks to prop up its production from the Pilbara region.

“Parties are still engaging,” Transnet spokeswoman Ayanda Shezi said in a reply to questions.

“Parties are still engaging,” Transnet spokeswoman Ayanda Shezi said in a reply to questions.

Spot prices of ore bound for China, maker of about half the world’s steel, have fallen roughly 40% from this year’s peak above $160 in March.

Multiple producers have faced that tough choice in recent months.

SATAWU calls off Transnet strike, members to return to work on Thursday

Fortescue Chairman Andrew Forrest, Australia’s richest person, launched FFI in 2020 with an ambitious goal to produce 15 million tons of green hydrogen by 2030.