Limited overseas scrap demand will continue to weigh on export prices, trade sources said.

Total US electric power sector electricity output for October-March will edge down by less than one-tenth of one percent to around 1,929bn kWh, EIA projected.

Increased light vehicle production through the second half of 2022 over the first half of the year will increase availability for prime steel scrap.

The higher production comes despite an 18% fall in spot prices of iron ore over the September quarter.

Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project for $2 billion as it looks to prop up its production from the Pilbara region.

“Parties are still engaging,” Transnet spokeswoman Ayanda Shezi said in a reply to questions.

Spot prices of ore bound for China, maker of about half the world’s steel, have fallen roughly 40% from this year’s peak above $160 in March.