The 2211 ferrosilicon contract price on ZCE closed at 7998 yuan per ton on October 24.

The US shipped 139,162t to China in August, 88.8pc lower than a year earlier and 51.8pc lower than July.

Steel shipments from US mills fell in August as the market continued to deal with declining prices.

Japan and the US remained Vietnam's top two suppliers and accounted for 58pc of total imports in September.

The 2211 ferrosilicon contract price on ZCE closed at 8294 yuan per ton on October 21.

However, the tender price was lower in the later stage, and the volume was reduced.

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

Multiple producers have faced that tough choice in recent months.