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.

Output of ferroalloys in China in July 2022 down 6.9% YoY.