The daily Argus ICX 62pc iron ore index was at $96.15/dry metric tonne today, down 19pc from a year earlier.

The company's saleable iron ore production stood at 1.08mn t over the three-month period, while sales edged up by 2pc against the previous year, to 1.34mn t.

The world’s steel production stood at 1.95 billion tonnes in 2021, according to the World Steel Association.

This volume is only below what was recorded in September 2020, when Brazil exported 37.47 million tonnes for the month.

Hot-rolled coil advanced 2.3%, while stainless steel gained 0.3%.

Vale added in a securities filing, however, that no decision has been reached yet on any potential transaction.

The company held guidance on FFI’s annual operating expenditure unchanged at $500 million to $600 million.

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