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.

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

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

Output of pig iron in China in July 2022 down 3.6% YoY.

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

Output of ferroalloys in China in July 2022 down 6.9% 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.