US hot rolled coil (HRC) spot prices moved down as the market remained quiet due to the Christmas holiday.

"Pretty much everyone accepts the current level [of premiums] is the new reality", a trader said.

The domestic demand forecast was cautiously optimistic, according to market sources, led by stronger increased spending for the infrastructure market.

The 2303 ferrosilicon contract price on ZCE closed at 8234 yuan per ton on January 4.

By September this year, the number of iron and steel enterprises in the northern Chinese province had been slashed to 39 from 123 about 10 years ago.

During this period, the province also transmitted 18 percent more electricity to support other regions -- as against the figure for the same period in 2021.

After the reorganization, Sinosteel will no longer be under the direct regulation of the SASAC.

While ensuring safe production, Shanxi has accelerated expanding its output and transport capacity and optimized and restructured coal mines to ensure energy supply.