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.

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

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.

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,”.

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

The longer the European scrap supply issue persists, the longer Turkish scrap import prices could remain at elevated levels.