The local mining industry total revenue plunged 26% last year.

Transnet has been unable to meet demand for freight trains to transport iron ore, coal and other commodities.

Benteler North America Corp has called off a previously announced agreement to sell 100% of its shares in its steel pipe business to Tenaris.

"Iron ore is facing pressure from price control, so pay attention to policy risks," Sinosteel analysts said.

In 2022 consumption of many mineral commodities neared or exceeded pre-pandemic levels.

The Anglo American unit produced 37.7 million tonnes of the key steel ingredient in 2022, down from 40.9 million tonnes the previous year.

Iron ore and steel prices in China hit multi-month highs in January as markets rallied from early November.