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.

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

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

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

Output of raw iron ore in China in July 2022 down 3.5% YoY.

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