However, the tender price was lower in the later stage, and the volume was reduced.

Multiple producers have faced that tough choice in recent months.

Increased light vehicle production through the second half of 2022 over the first half of the year will increase availability for prime steel scrap.

In October, the tender price of ferrosilicon of HBIS Group rose 650 CNY/T month on month to 8850 CNY/T, which greatly improved the market confidence.

The plate delivered assessment rose by $8.25/st to $1,676.50/st.

Private construction was at a seasonally adjusted annual rate of $1.43tn, 0.6pc below the July estimate of $1.44tn.

Amid volatility in most commodity markets, iron ore has been relatively stable over the past two months.

The European stainless steel scrap market is facing a near-term demand crisis and high uncertainty going into the fourth quarter...