High prices also weakened manufacturing demand and may see China switch out copper for aluminum.

Chile's financial regulator allowed a planned lithium joint venture between SQM and Codelco to proceed without a vote by SQM shareholders.

The Chinese steel mill bought an undisclosed stake from Winning Consortium Simandou, which owns the two northern blocks of the project.

Many banks, insurers and investors have backpedalled from or abandoned the carbon-belching fossil fuel.

China has ramped up imports of copper scrap as smelters seek alternative raw materials to offset tight supplies of mined ore.

Dinson Iron and Steel Company will produce 600,000 metric tons of carbon steel annually.

The guidelines, following a proposal in May, will help firms scale back manufacturing projects that only expand production capacity.

The deal to buy an 80% stake in Zambia's Lubambe copper mine is nearing completion.