China has temporarily banned all iron ore shipments from the world’s largest mining company, BHP, due to escalating disputes over pricing mechanisms, Bloomberg reported, citing sources familiar with the matter.
According to the sources, China Mineral Resources Group, the state-owned entity, instructed local buyers this week to suspend purchases of any seaborne, dollar-denominated shipments from the Australian mining giant.
The sources added that the decision followed several meetings held between both sides since late last week, which failed to produce any decisive outcomes.
This move underscores China’s determination — as the world’s largest consumer of iron ore — to strengthen its influence in setting prices.