China Mineral Resources Group (CMRG), the state entity created by Beijing to centralize iron ore purchases, has instructed select Chinese steel mills to suspend contract negotiations with Rio Tinto for shipments scheduled to begin in September 2026. This directive is part of a broader strategy to consolidate Chinese purchasing power through a single government-controlled chokepoint against the three major global iron ore producers. According to Wood Mackenzie estimates, CMRG now handles negotiations for more than half of China’s annual iron ore imports. This intervention follows similar measures targeting BHP and Fortescue Metals Group in recent months.
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