US EditionChina Bans All BHP Iron Ore Cargoes as Pricing Dispute Deepens
China Mineral Resources Group has expanded its purchase halt on BHP iron ore amid stalled contract talks as Beijing seeks greater influence over global pricing.
- China's state iron ore buyer, China Mineral Resources Group , has instructed steelmakers and traders to halt all purchases of BHP iron ore cargoes due to stalled contract talks.
- This new restriction expands earlier curbs on BHP's Jimblebar blend fines, reflecting Beijing's intent to influence iron ore pricing.
- BHP's annual profit fell to its lowest in five years, affected by sluggish demand from China, and it plans to cut spending.
- Steelmakers are adjusting production strategies in response to the suspension of BHP cargo purchases as iron ore demand remains vital for the country's economy.
31 Articles
31 Articles
Chinese Iron Ore Buyer Reportedly Stops All BHP Trades, PM Calls for Quick Resolution
Reports have emerged that China Mineral Resources Group (CMRG), a Chinese Communist Party (CCP)-controlled iron ore buyer, ordered local steelmakers and traders to suspend purchases of all new cargoes from the world’s largest mining company, BHP. This caused BHP’s shares to slip 1.5 percent to $41.88 (US$27.68) at midday AEST, having also dropped in London (-2.2 percent) and New York (-0.8 percent) overnight. According to sources cited by Bloomb…
China's cargo ban gives new meaning to BHP's 'Broken Hill' origin
China has ordered domestic steel mills and trading firms to suspend all new purchases of BHP Group’s iron ore cargoes, escalating a pricing dispute that has unsettled commodity markets and placed fresh pressure on Australia’s mining sector. China Mineral Resources Group (CMRG), a state-owned Chinese company established in July 2022 to centralize the import of […] The post China’s cargo ban gives new meaning to BHP’s ‘Broken Hill’ origin appeared…
China bans all BHP iron ore shipments amid pricing row
China has banned one of Australia's largest export commodities, putting a halt on BHP iron ore cargoes amid a deepening pricing dispute.State-run iron ore trader China Mineral Resources Group (CMRG) urged local mills to temporarily pause purchases of any dollar-denominated seaborne iron ore cargoes from BHP, reports Bloomberg News.The move comes as contract talks between the Australian miner and Chinese buyers stall.READ MORE: How Labor's fast-t…
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