Fastmarkets' chrome ore South Africa UG2 concentrates index basis 42%, cif China dipped by $1 per tonne on October 26 to $154 per tonne.

“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.

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

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

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Global crude steel production falls for fourth consecutive month