The two contracts have gained momentum on high volatility in the physical market that attracted greater futures interest.

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.

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

The company, also known as China Energy, has signed with 40 companies from 18 countries and regions for contracts worth $2.5 billion (17.9 billion yuan) during the fifth CIIE.

Vietnam spent nearly 10.3 billion U.S. dollars importing roughly 9.8 million tons of steel and iron in the first 10 months of this year.

Silicomanganese Tender Information in November, 2022 (Nov 8, 2022).

The 2211 ferrosilicon contract price on ZCE closed at 8370 yuan per ton on November 8.

Manganese Metal Tender Information in November, 2022 (Nov 8, 2022).