They aren't related.
The reality:
1. Emperor Xi is systematically restoring socialism. The first casualty is the (speculative) property market - by far the largest steel consumer - which will be allowed to collapse.
2. China is rapidly moving away from relying on any US ally as a a major supplier for critical material or technology such as IO.
3. IO will be moving to long term contracts by a single buyer,
4. Payment will be in Yuan only in a few years.
Iron ore price, page-47841
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