The location of the second planned mill has not been announced.

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

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

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

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

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

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.

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