Add as a preferred source on GoogleChina’s CMRG Tells Mills of New Rio Tinto Iron Ore Supply Deal
CMRG was expected to start gathering mills’ purchase needs Thursday, Oct. 22, in China; the amount to be allocated remained unclear.
China Mineral Resources Group (CMRG), China’s state iron ore buyer, verbally told some steel mills it had reached a new iron ore supply deal with Rio Tinto. The verbal notice gave no further details, and the amount of ore to be allocated remained unclear.
CMRG was expected to begin gathering each mill’s purchase-volume requirements Thursday, Oct. 22, in China.
Beijing established CMRG in 2022 to centralize iron ore purchasing and strengthen China’s bargaining position with major miners. Chinese steelmakers have faced thin margins and weak domestic demand. The reported deal links the state buyer with Rio Tinto, but its scale and duration were not provided.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.