The 2205 ferrosilicon contract price on ZCE closed at 8780 yuan per ton on February 25.

JSW Steel on Friday reported 15 per cent rise in crude steel production at 16.46 lakh tonne for the month of January.

The company is a leading infrastructure conglomerate with a presence in the steel, power and the mining sector.

The country mainly bought steel from China, with 5 million tonnes valued at 4.38 billion USD, accounting for 40.3 percent and 38 percent of the total volume and turnover, respectively.

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"Iron ore prices could be pressured this year on lower output of China's crude steel and rising supply of overseas mines," said Zhu.