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.

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.

Hot-rolled coil advanced 2.3%, while stainless steel gained 0.3%.

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.

This volume is only below what was recorded in September 2020, when Brazil exported 37.47 million tonnes for the month.

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.