Iron ore futures climbed above CNY 810 per ton and were poised to gain more than 5% for the week, as state-backed China Mineral Resources Group extended its ban on iron ore from BHP Group for the second time in two weeks amid a contract dispute. The CMRG also notified mills that products including Newman fines and lumps and Mining Area C fines, would be placed in the same restricted category as BHP’s Jimblebar blend. Chinese mills rushed to move BHP ore from port stockpiles to plants ahead of any curbs. Over the past six months, China has gradually tightened restrictions on purchases of BHP iron ore as it negotiated the terms of its 2026 contract. Last September, Jimblebar brand purchases were banned, followed by Jinbao products in November. CMRG was established in 2022 to centralize iron ore procurement and secure better terms from major mining companies.
