The Australian government will double the amount of money on offer to support critical minerals projects, aiming to attract American miners and processing companies to establish operations in Australia.

Experts are optimistic that despite the negative trend in the steel sector, the sector will recover in 2024 due to the government's actions in the property market and construction sector.

Inner Mongolia Ulanqab Leading China Ferroalloys Industry Development Ferro-Alloys.com visiting

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With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

Prices remain down by 33pc from their April peak of $1,200/st.

Coal is a main export commodity of Mongolia, which is rich in natural resources.