"One thing is clear, China’s crude steel production in H2 will decline compared to both H1 this year and H2 last year," said CRU Group.

Prices snapped a five-session winning streak under pressure from a rebounding dollar as investor focus shifted to a US Federal Reserve meeting.

Iron ore prices have suffered their worst week for nearly 18 months.

Flooding has caused at least $10 billion in damage, and infrastructure will need to be rebuilt.

Dalian iron ore marked its steepest weekly drop in 17 months on Friday due to worries about China's steel production caps.

Global aluminum production growth ground to a halt in the second quarter of this year even as prices rallied to multi-year highs.

China has stepped up efforts to reduce output of the construction and manufacturing material in line with its carbon emission reduction goals.

Rising demand from electric vehicles and challenges in securing raw materials will deliver a battery supply crunch for automakers, according to a key Chinese manufacturer.