“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note.

It added that it expected 2021 C1 iron ore extraction costs, which typically include only direct costs such as labor, to come to $19 per tonne.

The domestic ferrosilicon market continued to operate weakly this week.

Insiders believe the price increase of raw materials also contributes to the price fluctuation in the magnesium market.

Many ferrosilicon plants said that the production cost was high and there were some difficulties in production and delivery.

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

Limited utilization of capacity as well as cost support, making the spot market generally strong, but the transaction slowed down.

The spot market was relatively stable and mostly wait-and-see.