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.

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.