A powerful Beijing-backed company that has a stranglehold over China’s massive purchases of iron ore has become the biggest risk in the global market for the commodity, according to one of the world’s leading miners.
China Mineral Resources Group has started to flex its muscles in price negotiations, shaking up the global market for iron ore, the world’s most traded commodity after oil.
Big iron ore producers including Australia’s BHP and Brazil’s Vale were last year caught in protracted negotiations with CMRG, which acts as a central buyer of foreign iron ore supplied to state-owned steelmakers, over this year’s sales contracts.
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