Its revenues during this period slipped by 15pc to $268.5mn in line with the lower sales, although its average selling price climbed to $39.21/wmt, up by 26.1pc from $31.10/wmt a year earlier.

Steel producer Hoa Phat Group has signed a contract to export 8,000 tonnes of rebar to Mexico, its first order from the North American country.

The 2209 ferrosilicon contract price on ZCE closed at 7498 yuan per ton on August 18.

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

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 bill includes incentives for companies that include union workers, but the overwhelming focus is on boosting US production and employment, he said.

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

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.