The 2105 ferrosilicon contract price on ZCE closed at 7200 yuan per ton on December 25.

Higher raw materials price and bidding price, tight spot and strong futures market, the ferrosilicon spot market remain strong this week.

World steel consumption is likely to decline by 2.2pc in 2020, the OCE said.

China's steel industry is expected to keep growing in 2021.

U.S. imported a total of 1,370,000 net tons (NT) of steel in November 2020.

The 2105 ferrosilicon contract price on ZCE closed at 6982 yuan per ton on December 23.

The 2105 ferrosilicon contract price on ZCE closed at 6920 yuan per ton on December 24.

China's crude steel output is likely to rise to 1.1bn t in 2021 to meet demand.