According to a report by Reuters, China's state-owned iron ore procurement company China Mineral Resources Group (CMRG) has asked some local traders to purchase iron ore cargoes through its own online trading platform as part of efforts to strengthen its influence on iron ore trading and pricing.
According to sources familiar with the matter, CMRG advised about a dozen traders at a meeting on Thursday to use its platform to trade iron ore purchases. Founded in 2022, CMRG aims to strengthen China's negotiating and pricing position in the global iron ore market, where the country is the largest consumer. One of the sources stated that the increase in transaction volumes on the CMRG platform will allow the state buyer to better navigate iron ore prices.
Currently, traders rely on miners and others. платформы
Currently, traders tend to buy iron ore directly from mining companies or through public trading platforms such as Corex and globalORE, while Chinese steel producers are the main users of the CMRG platform for cargo purchases. However, CMRG has reportedly not provided details on when traders are expected to start using its platform.
Another source stated that a quick transition may be difficult because CMRG currently does not have sufficient cargo volumes on the CMRG platform that meets all the requirements of traders.
CMRG also aims to negotiate with the largest mining companies. компаниями
As previously reported by SteelOrbis, CMRG recently instructed some local steel mills to suspend negotiations with the Australian mining company Rio Tinto on iron ore supplies from September. The state buyer of iron ore alsopreviously restricted the supply of low-grade iron ore products Fortescueи applied the same strategy to BHP before reaching an agreement with the mining company.
These measures are aimed at strengthening CMRG's position in negotiations on annual supply contracts with the world's largest iron ore producers.
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