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.

In September, the premium remained at $95 per tonne.

The agreement's focus areas include low-carbon sintering technology, blast furnace and basic oxygen furnace optimization, and carbon capture and utilization, it said.