The higher production comes despite an 18% fall in spot prices of iron ore over the September quarter.

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

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

Vale is set to release earnings Oct. 27 after the close of regular trading.

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

Multiple producers have faced that tough choice in recent months.

Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

Europe is also bringing legislation that offers incentives for the use of green hydrogen, he said.