During the period, Hebei's trade with countries along the Belt and Road increased 22.4 percent to 122.44 billion yuan.

Rio Tinto will account for 54 percent of the joint venture while China Baowu will account for 46 percent.

India's Federation of Indian Mineral Industries (FIMI) has urged the government to reconsider the proposal for mandatory beneficiation of low-grade iron ore, saying it is economically and technically unviable.

The fall in premiums has not come as a surprise as weak demand continues to delay settlements for third-quarter pellet premiums, particularly among Japanese mills.

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.

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

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.

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