Seaborne

"China’s state-run iron ore buyer told the nation’s major steel producers and traders to stop purchasing a second type of ore from BHP Group, as contract talks with the world’s top miners drag on. The directive was made this week by China Mineral Resources Group Co. [CMRG] to halt buying BHP’s Jingbao fines, a low-grade ore, said people with knowledge of the order, asking not to be named discussing private matters. The ban applies to seaborne cargoes and inventories at Chinese ports, they said. It follows a move by CMRG in September to stop Chinese steel mills buying BHP’s Jimblebar blend fines after talks on long-term contracts faltered. […] CMRG is maintaining its pressure on BHP. In late September, the Chinese trader asked buyers to halt all dollar-denominated seaborne purchases, and mills now require CMRG approval to source BHP ore from ports, the people said."