Rival miners have cautioned over a weaker outlook and Rio Tinto Group last month reported a decline in first-half profits and halved its dividend.

The 2209 ferrosilicon contract price on ZCE closed at 7498 yuan per ton on August 18.

Steel producer Hoa Phat Group has signed a contract to export 8,000 tonnes of rebar to Mexico, its first order from the North American country.

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

China’s infrastructure and automotive sectors are “already responding to policy support,”.

The mining giant said it did not agree with the decision and would appeal within the next 10 days.

Iron ore’s most-traded January 2023 contract on China’s Dalian Commodity Exchange tumbled as much as 4.4% to 683.50 yuan ($100.87) a tonne, its lowest since July 28.

Output of raw iron ore in China in July 2022 down 3.5% YoY.