Its revenues during this period slipped by 15pc to $268.5mn in line with the lower sales, although its average selling price climbed to $39.21/wmt, up by 26.1pc from $31.10/wmt a year earlier.

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.

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.

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.

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

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $110 a tonne Monday morning, up 2.7%