U.S. imported a total of 2,237,000 net tons (NT) of steel in September 2022.

This week, the ferrosilicon market maintained stable. The Futures market fluctuated after last week's rise.

The 2211 ferrosilicon contract price on ZCE closed at 8440 yuan per ton on November 11.

The 2211 ferrosilicon contract price on ZCE closed at 8302 yuan per ton on November 10.

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.

“As a nation are very clear and very respectful of our treaties and our agreements,” Hernando said.

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

The location of the second planned mill has not been announced.