China Ends Six-Month Ban on BHP Iron Ore Procurement
China lifted bans on BHP iron ore following a visit by top executives. State buyer CMRG told mills they can now resume seaborne cargo purchases from the firm.
China has officially lifted procurement bans on iron ore from BHP GROUP LTD, ending a months-long standoff that had strained relations between the mining giant and its largest customer. The decision follows a high-profile visit by the company’s top executives to Shanghai, where they met with key industry leaders to discuss strategic cooperation.
State-owned buyer China Mineral Resources Group (CMRG) notified domestic steel mills on Tuesday that they are now authorized to resume purchases of seaborne cargoes from the Australia-based miner. The move effectively terminates restrictions that had been in place for more than six months, according to sources familiar with the matter. The resolution comes shortly after BHP CEO Mike Henry and incoming CEO Brandon Craig held talks with the chairman of China Baowu Steel Group and representatives from Chinalco.
