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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.

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

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

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.

The rise in trade deficit has been attributed to a surge in imports driven by elevated global commodity prices.

BlueScope has set a goal of net-zero GHG emissions by 2050.