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

The daily trading volume on the LME, inclusive of the liquidity window, totaled 16,930 mt on Nov. 1 and 33,430 mt on Nov 2.

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.

Earlier this year, the association had forecast steel demand to drop by 1.7% in 2022.

Most of the capital goods in China posted lower prices in late October compared with mid-October, official data showed Friday.

The company signed a cooperation agreement with Xinjiang Bayi Iron and Steel at the fourth CIIE in 2021 to provide the latter with approximately 4 million metric tons of iron ore worth $460 million this year.

The province's total import and export value from January to September hit 260.91 billion yuan ($35.96 billion), up 16.4 percent year-on-year.

The Great Lakes Clean Hydrogen Partnership made up of Linde, Energy Harbor, GE Aerospace, Cleveland-Cliffs steel manufacturing and the University of Toledo has moved forward with its US Department of Energy hydrogen hub application.