In the week ending on October 1, 2022, domestic raw steel production was 1,700,000 net tons while the capability utilization rate was 77.1 percent.

Amid volatility in most commodity markets, iron ore has been relatively stable over the past two months.

Hot-rolled coil advanced 2.3%, while stainless steel gained 0.3%.

This volume is only below what was recorded in September 2020, when Brazil exported 37.47 million tonnes for the month.

It was a 9.2% decrease from the 2,485,000 permit tons recorded in August and a 10.1% decrease from the August final imports total of 2,510,000.

The company held guidance on FFI’s annual operating expenditure unchanged at $500 million to $600 million.

Vale added in a securities filing, however, that no decision has been reached yet on any potential transaction.

The European stainless steel scrap market is facing a near-term demand crisis and high uncertainty going into the fourth quarter...