China warns steelmakers on new Fortescue iron ore product
State buyer China Mineral Resources Group has instructed domestic steelmakers to avoid discussions with Fortescue regarding its upcoming Fortune Fines product. The move comes amid difficult contract negotiations as Chinese authorities seek better terms for mills facing thin profit margins.
Xurve View
Insights:
Xurve View
China has instructed domestic steelmakers to halt discussions with Fortescue regarding a new iron ore product. The directive from state buyer China Mineral Resources Group (CMRG) comes as contract negotiations between the two entities stall. The move mirrors tactics used during protracted negotiations with BHP earlier this year.
