In addition, the cost of electricity and scrap steel affected the commencement of steel plants, thus suppressing the demand for ferrosilicon.

The 2209 ferrosilicon contract price on ZCE closed at 7584 yuan per ton on August 19.

前20持仓增减不一，8月19日表现持买仓量小于持卖仓量。

Its revenues during this period slipped by 15pc to $268.5mn in line with the lower sales, although its average selling price climbed to $39.21/wmt, up by 26.1pc from $31.10/wmt a year earlier.

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

The 2209 ferrosilicon contract price on ZCE closed at 7498 yuan per ton on August 18.

Rival miners have cautioned over a weaker outlook and Rio Tinto Group last month reported a decline in first-half profits and halved its dividend.

Steel producer Hoa Phat Group has signed a contract to export 8,000 tonnes of rebar to Mexico, its first order from the North American country.