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...coupled with the elevated Chinese price for magnesium, the key consumer of 75% of ferro-silicon, drove up the ferro-silicon price.

The 2109 ferrosilicon contract price on ZCE closed at 10500 yuan per ton on August 31.

China's two major steelmakers, Ansteel and Ben Gang Group Corporation, inked a deal on Friday to kick off their merger and restructuring that will create the world's third-largest steelmaker.

Ben Gang has become the latter's subsidiary.

Revilla said the index gives a good sign since "money always flows in the right direction."