The Chinese government graker for iron crude requests from the large steel and traders to temporarily stop buying new consignments from the BHP group, in an escalation of a dispute over prices that threaten the main commercial partner of the mining giant, according to people familiar with the case. People who asked not to disclose their identity for the confidentiality of discussions, the company “China Mineral Resources Group”, which created Beijing to improve the country’s influence in the global iron crude trade, asked from local buyers to the purchase of any by the sea. The extract of restrictions on the purchase of “BHP” iron means that new transactions cannot be signed, including the shipping that has already left Australia, as “BHP” has its mines. The only iron ore is available for trade, some supplies that have arrived in China and the pricing in the yuan. The decision came after several meetings between the two parties since late last week, which according to the famous people did not lead to the results. China, with a big difference, is the largest consumer of iron ore in the world, while BHP is the largest mining company in the world, one of three giant businesses that delivers most of this article to the country’s steel companies. Also read: The price of iron ore is declining with the slowdown of Chinese spending and pressure on demand, China has recently become more willing to use its influence on raw materials, including the imposition of a ban on Australian basic commodities earlier in this decade, as well as restrictions on the export of rare minerals. “Was China this a decade ago, when it was largely dependent on the import? Impossible,” said Tom Price, a pan walls of Libure Ltd. He added that the difference now is that the question of steel in China is witness to moderation, while a new wave of iron ore from the giant “Cemondo” mines in Guinea comes on the horizon. The new restrictions are an escalation after the suspension of the silence of the clear mix of the ‘Jimblebar’ Jimblebar earlier this month, and Beijing’s insistence to strengthen its influence in determining prices. The company “China Mineeral Represiors”, founded three years ago, did the task of changing the balance of power into negotiations of mining companies such as “BHP”, “Rio Tinto Group” and Vale SA, for the large steel sector in China. Iron ore prices are rising. People said that previous restrictions were also tightened. The company “China Mineeral Resources Group” has ordered the factories not to receive the “Yemblbar” shipments in Chinese ports, and not to buy these shipping on the immediate market in the Yuan. These measures have urged some steel industries to adjust the production standards to adapt to other grades of iron ore. You may be interested in: The price of iron drops from the highest level in 5 months due to the demand, concerns about the future contracts for iron gear in Singapore by 1.8% to reach 105.05 dollars per tonne. On the other hand, BHP shares in London have dropped 4.8%, in the largest decline since early April. The company “China Mineal Resources Group” has not responded to suspension requests. A BHP spokeswoman said the company could not comment on commercial arrangements.
China bans iron raw shippers from the largest mining company in the world
