The two contracts have gained momentum on high volatility in the physical market that attracted greater futures interest.

The London Metal Exchange is to launch a number of new initiatives to boost the screen liquidity of its cash-settled ferrous futures contracts, it announced during the LME Focus Day event on Oct. 27.

Semiconductor shortages, as well as other logistical issues, have roiled automotive production in the US and around the globe since 2021. Lower automotive production rates have subsequently cut demand for steel in the sector.

The company, also known as China Energy, has signed with 40 companies from 18 countries and regions for contracts worth $2.5 billion (17.9 billion yuan) during the fifth CIIE.

Glencore's metals output showed mixed progress on the year in the third quarter of 2022.

India's producer Vedanta Resources plans to complete the building of its new 60,000t/yr ferro-chrome plant.

Indian private-sector producer JSW Steel has signed an initial deal with US-based finance technology firm Smartex to explore low-emissions steel production.

Australian-Japanese joint venture BHP Mitsubishi Alliance (BMA) is facing potential strikes at its coking coal mines in Queensland, as members of Australian unions vote in favour of taking protected industrial action.