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

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.

China’s infrastructure and automotive sectors are “already responding to policy support,”.

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 LCRC said that since the railway's opening, it has been actively enhancing the transportation organization, optimizing the freight service, and effectively ensuring efficient and smooth transportation.

Vietnam's ferrous scrap imports in July fell to their second-lowest monthly level this year, as demand was dented by subdued production and weaker trading activity.

The daily Argus ICX 62pc iron ore index was at $108.75/dry metric tonne on 10 August, lower by 33pc from a year earlier.