Chinese Iron Ore Buyer Reportedly Stops All BHP Trades, PM Calls for Quick Resolution

Uncertainty surrounds reports that Beijing’s state-run iron ore buyer has ordered Chinese steelmakers to stop buying ore from Australian miner BHP.
Chinese Iron Ore Buyer Reportedly Stops All BHP Trades, PM Calls for Quick Resolution
The BHP Billiton logo on a flag at the BHP Billiton Centre in Melbourne, Australia, on Feb. 15, 2006. Ryan Pierse/Getty Images
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Reports have emerged that China Mineral Resources Group (CMRG), a Chinese Communist Party (CCP)-controlled iron ore buyer, ordered local steelmakers and traders to suspend purchases of all new cargoes from the world’s largest mining company, BHP.

This caused BHP’s shares to slip 1.5 percent to $41.88 (US$27.68) at midday AEST, having also dropped in London (-2.2 percent) and New York (-0.8 percent) overnight.

Rex Widerstrom
Rex Widerstrom
Author
Rex Widerstrom is a New Zealand-based reporter with over 40 years of experience in media, including radio and print. He is currently a presenter for Hutt Radio.