BHP Group’s China Iron Ore Deal Puts Yuan Pricing at Center of Market
BHP Group’s iron ore settlement with China is now about more than just releasing cargoes stuck at ports. Long-term supply agreements now pull the renminbi further into the mix for some pricing, according to people familiar with the matter who spoke to The Business Times. Specifically, Jimblebar Blend Fines are pegged to a basket of four reference prices—two of which are renminbi-based indices. The report noted BHP wouldn’t confirm specifics, and China Mineral Resources Group didn’t respond to a request for comment. Now, the shift’s tangible. China Mineral Resources Group, the state iron ore buyer, is letting steelmakers purchase and collect BHP cargoes that had been stuck at ports—provided they file reports with CMRG, Reuters said. Jimblebar fines, BHP’s medium-grade