The higher production comes despite an 18% fall in spot prices of iron ore over the September quarter.

Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project for $2 billion as it looks to prop up its production from the Pilbara region.

“Parties are still engaging,” Transnet spokeswoman Ayanda Shezi said in a reply to questions.

Spot prices of ore bound for China, maker of about half the world’s steel, have fallen roughly 40% from this year’s peak above $160 in March.

Vale is set to release earnings Oct. 27 after the close of regular trading.

Multiple producers have faced that tough choice in recent months.

Europe is also bringing legislation that offers incentives for the use of green hydrogen, he said.