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

Crude oil futures continue to rise as US EIA report suggests SPR release not required

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

The 2201 ferrosilicon contract price on ZCE closed at 9478 yuan per ton on November 9.

The administration will keep a close look at domestic coal production while ensuring stable coal supplies and prices this heating season, it said during a release on Monday.