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China Mineral Resources Group Co., the buying agency set up to increase Beijing’s clout in iron ore, is in negotiations with Rio Tinto Group and other leading miners over next year’s supply, according to people familiar with the matter.
After a slow start, several large mills — including China Baowu Steel Group Co. and Ansteel Group Co. — have now handed over negotiations around their long-term supply contracts with the big four miners, according to the people. That dramatically increased CMRG’s bargaining power over the past months, even if the mills are still responsible for spot-market procurement.
China Baowu, Ansteel and Beijing’s State-Owned Assets Supervision and Administration Committee, which oversees central government SOEs including CMRG, didn’t immediately comment on the matter during a week-long holiday period in China. China’s steel industry, the world’s largest, has been struggling with a downturn in demand due to a years-long property crisis and a disappointing post-virus economic recovery. Despite that, iron ore prices have been stubbornly resilient. Benchmark prices in Singapore rose almost 10% last quarter to trade at about $115 a ton, only slightly lower than where they started the year.
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