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Rio Tinto and Baowu said on Wednesday that they will set up a JV to develop the Western Range iron ore mine project in Pilbara.

During the period, Hebei's trade with countries along the Belt and Road increased 22.4 percent to 122.44 billion yuan.

Rio Tinto will account for 54 percent of the joint venture while China Baowu will account for 46 percent.

India's Federation of Indian Mineral Industries (FIMI) has urged the government to reconsider the proposal for mandatory beneficiation of low-grade iron ore, saying it is economically and technically unviable.

The fall in premiums has not come as a surprise as weak demand continues to delay settlements for third-quarter pellet premiums, particularly among Japanese mills.

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.

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