this is a big deal. According to Bloomberg, China National Mineral Resources Corporation, a state-owned iron ore purchaser, has suspend the purchase of any BHP iron ore denominated in US dollars.
https://x.com/BeijingDai/status/1973744748751171824
this is a big deal.
According to Bloomberg, China National Mineral Resources Corporation, a state-owned iron ore purchaser, has suspend the purchase of any BHP iron ore denominated in US dollars. This marks a significant escalation in the ongoing pricing dispute between Chinese buyers and the world's largest iron ore miner. Australian Prime Minister Albanese expressed concern about this.
China is attacking here, targeting not only Australia but also the US dollar. China's goal clearly is to purchase BHP's iron ore at RMB. After stabilizing the iron ore resources in Brazil and Africa, China, which now owns over 70% of the global iron ore market, has the trump card to ask BHP to do so.
posted by Satish Sharma at
03:24
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