The 2201 ferrosilicon contract price on ZCE closed at 11382 yuan per ton on October 28.

Liquidity has been reduced on the spot market, with producers having low volumes of material available.

The downward move was also seen as a correction to the price gap that emerged between spot and tender prices last week.

Erdemir Group produced 6.815 million tonnes of crude steel over the first nine months of 2021, equivalent to 23% of the national total.

The 2201 silicomanganese contract price on ZCE closed at 9760 yuan per ton on October 28.

On Thursday, Fastmarkets approached the company for comment, but Ferroglobe officials had not confirmed the furnace restart at the time of writing.

“We remain bullish on 2022 [steel demand in Brazil],” Werneck said. “For flat steel, the outlook is positive.”

Some of these higher offers, especially those for high-grade material, have gained acceptance in the market and deals have been concluded at these levels.