14th Apr 2026 07:00
(Alliance News) - China is looking to loosen restrictions on iron ore imports from BHP Group Ltd, Bloomberg reported on Tuesday.
According to people familiar with the matter, China Mineral Resources Group Co, the state-owned company in charge of iron ore purchases, has told a number of Chinese steel mills that they can resume bids for US dollar-dominated BHP cargoes.
Steel mills are yet to receive explicit permission to accept physical deliveries from BHP, though sources cited by Bloomberg indicated that a notice to that effect is imminent.
The news follows an ongoing tussle between the Melbourne-based mining company and CMRG, which have been in conflict over the terms of iron ore supply contracts since September.
CMRG was established back in 2022, its aim being to shift the power dynamics between China and multinational mining majors such as BHP and Rio Tinto PLC, with China arguing that iron ore pricing unfairly favours the dollar-denominated market.
This motivated CMRG to ban imports of Jimblebar fines grade, then, after BHP rejected terms it had proposed, CMRG intensified restrictions on all dollar-denominated BP cargo.
BHP's incoming Chief Executive Brandon Craig met representatives of CMRG and China Baowu Steel Group Corp, Bloomberg said.
As far as Jimblebar cargoes are concerned, the implications of the shift in regulation reported on Tuesday are not yet clear.
BHP shares closed 3.2% higher at AUD56.11 on Tuesday in Sydney.
By Holly Munks, Alliance News reporter
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