Chinese iron ore and coke futures were dragged down by concerns over weak demand for the steelmaking ingredients, as markets eyed the possibility of further production cuts in the top steel-producing city of Tangshan.

The steel sector accounts for 15% of China’s total greenhouse gas emissions.

Mining profits reach $230 billion a year, topped only by oil & gas, pharma; Lithium prices continue to soar – up 88% in 2021; Massive new port could give Vale back iron ore crown.

Executives expect the April-June period to see a sharp ramp-up in activity in China.

Company said that it would endorse resolutions to set targets for cutting carbon emissions and take tougher measures against lobby groups that do not follow its climate change goals.

A project for a dedicated iron ore port with a capacity of up to 560 million tonnes per year is advancing in the north of Brazil.

The miner is set to start exploration at its Murdie project in South Australia this week.