The problem is that there are more than 13m tons of HRC capacity coming online or planned to come online in the next three years.

At present, of the 17,244 tonnes of on-warrant nickel in LME warehouses in Rotterdam, briquette accounts for more than 92%.

The MOU is to study the development of a high-quality iron ore logistics and processing facility, according to an NIDC statement circulated on Oct. 30.

A high backwardation continued to dampen import appetite, leading to thin liquidity, although offers were quoted higher.

The London Metal Exchange is to launch a number of new initiatives to boost the screen liquidity of its cash-settled ferrous futures contracts, it announced during the LME Focus Day event on Oct. 27.

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

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.

Fastmarkets sources continued to insist that prices were in parity, as rare as the phenomenon is.