China's State Council issued measures to restore and expand consumption in the automobile, real estate and services sectors.

The intent is to carry out transactions contemplated in a previous agreement that established a discount on the value of the company's debt.

Steel mills have been asked to prepare to cut back production to meet a government mandate on capping 2023 output at last year's level.

Vale posted net income of $892 million, while analysts polled by Refinitiv had forecast a profit of $2.21 billion.

The world's fourth-largest iron ore miner expects to ship between 192 million metric tonnes (Mt) and 197 Mt of the steel-making commodity in the year.

Chinese consumer confidence has been decimated by years of virus lockdowns and delays on new-build properties.

The miner declared an interim dividend of $1.77 per share, below last year's $2.67.

The world’s biggest iron ore producer is expected report its lowest half year earnings and dividend in three years on Wednesday.