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China Is Said to Relax Curbs on Some BHP Iron Ore Cargoes

Alfred Cang, Katharine Gemmell

1 min read

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⚡ Quantum Brief

China’s state-backed iron ore buyer has partially lifted restrictions on BHP Group cargoes, allowing steel mills to resume bidding for certain shipments starting Tuesday. The move signals a potential easing in a prolonged commercial dispute. The concession applies to BHP cargoes priced in US dollars, though physical deliveries from Chinese ports remain pending official approval. Mills await a formal notice to finalize port-based transactions. China Mineral Resources Group Co., the state-backed entity, communicated the change directly to steel plants, according to insiders. The decision reflects a shift in Beijing’s approach to foreign iron ore suppliers. The dispute had disrupted supply chains, but this partial relaxation may stabilize iron ore markets. Analysts view it as a pragmatic step to balance trade relations amid economic pressures. The timing aligns with broader efforts to ease trade tensions, though full normalization of BHP’s operations in China remains uncertain. Further policy updates are expected.

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000China’s state-backed iron ore buyer has told several steel mills in the country they are allowed to purchase some BHP Group cargoes, an apparent concession in a months-long commercial dispute.Officials from China Mineral Resources Group Co. told plants they can resume bidding for some BHP cargoes denominated in US dollars from Tuesday, according to people familiar with the matter. Mills have not yet been explicitly allowed to take BHP physical deliveries from Chinese ports, but a notice is expected, they said, asking not to be named discussing private commercial details.

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Source: Bloomberg Markets

Website: https://feeds.bloomberg.com/markets/news.rss

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