Looking ahead, we believe economic growth will be a crucial priority for China, as the country has emphasized the importance of economic development, focusing on high-quality, balanced and inclusive growth.

Semiconductor shortages, as well as other logistical issues, have roiled automotive production in the US and around the globe since 2021. Lower automotive production rates have subsequently cut demand for steel in the sector.

Most of the capital goods in China posted lower prices in late October compared with mid-October, official data showed Friday.

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

“As a nation are very clear and very respectful of our treaties and our agreements,” Hernando said.

The Great Lakes Clean Hydrogen Partnership made up of Linde, Energy Harbor, GE Aerospace, Cleveland-Cliffs steel manufacturing and the University of Toledo has moved forward with its US Department of Energy hydrogen hub application.

Earlier this year, the association had forecast steel demand to drop by 1.7% in 2022.

The problem is that there are more than 13m tons of HRC capacity coming online or planned to come online in the next three years.