The state is home to mines that provide about 30% of the world's iron ore and 70% of China's imports.

British company Beowulf Mining has sought a license for an iron ore mine and the Swedish government will announce its decision in coming months.

The Brazilian miner lost the title of top iron ore supplier to Rio Tinto in the wake of a tailings dam disaster three years ago.

The Minas Gerais law requires the removal of all dams constructed using the upstream method. Those in breach could have their operating license suspended.

China’s state planner warned on Wednesday against fabricating iron ore prices.

The authorities would take further measures to ensure iron ore price stability and strictly crack down on irregularities.

China set 2030 as the new deadline for peak-emissions for the steel sector, against an earlier target of 2025.