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.

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

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.

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,”.

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

The new numbers were the result of a previous public consultation, which reviewed the methodology and other factors related to calculating nameplate generation capacity.

The European scrap supply system is highly dependent on inland river transportation.