According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $110 a tonne Monday morning, up 2.7%

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

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,”.

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.

Output of crude steel in China in July 2022 down 6.4% YoY.

Output of coke in China in July 2022 down 1.0% YoY.

Output of steel in China in July 2022 down 5.2% YoY.