Bloomberg News reported that state-owned China Mineral Resources Group asked Chinese steelmakers and traders to halt purchases of BHP’s dollar-denominated seaborne iron ore cargoes during annual price negotiations.
The Prime Minister emphasised his desire to see Australian iron ore exported to China without any hindrance to normal trade flows.
BHP confirmed it does not comment on commercial negotiations regarding its iron ore sales.
Australian Treasurer Jim Chalmers announced he would arrange a meeting with BHP CEO Mike Henry to discuss the situation.
The mining company ranks as China’s third-largest iron ore supplier behind Rio Tinto and Brazil’s Vale.
“If prolonged, the pause risks squeezing steel margins or forcing selective output cuts but China cannot realistically walk away from BHP supply altogether,“ the analysts noted in their report.
Government forecasts indicate iron ore earnings could fall to 105 billion Australian dollars for the 2025-2026 financial year from 116 billion dollars the previous year.
China established China Mineral Resources Group three years ago to coordinate purchasing for its steel industry.
Australia-China diplomatic relations have improved since the Albanese government took office in May 2022.
China responded to that call by imposing tariffs on several Australian commodities in late 2020.
Those trade restrictions have since been lifted as bilateral relations normalised. – Reuters
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