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.

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

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.

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

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

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

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