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,”.

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

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.

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

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

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