BHP Group seeks delay to Brazil dam court case

The miner also flagged that inflationary pressures will continue to be a risk for the remainder of the fiscal 2023.

"The profits of steel mills have not improved," Huatai Futures analysts said.

Whether China will recover strongly after lifting tough coronavirus restrictions has been the key question for commodities markets.

In 2022, Usiminas sold 8.64 million tonnes of iron ore.

The cuts would be across Fortescue Future Industries, a clean energy subsidiary focused on producing hydrogen.

Western Australia police have showed up on the site and BHP has informed safety regulators of the incident.

Fortescue has been assessing the Belinga iron ore project since 2018.

The mining industry has been struggling to hit production targets, hurt by everything from floods and droughts to creaking infrastructure and political instability.

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