May 27, 2026 – 7.25pmThe country’s biggest miners have warned that an arm wrestle between BHP and China’s state-backed steel cartel is a sign of things to come, as Beijing demands a bigger share of the iron ore sector’s profits.BHP’s annual contract negotiations with China Mineral Resources Group, which represents close to 80 per cent of Chinese steel mills, dragged on for several months, as officials demanded hard concessions from the miner, including lower prices and an increase in the use of renminbi.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
BHP, Fortescue warn China’s influence over iron ore will only grow
Executives at the commodities giant say that even the existing shift in power towards major steelmakers will not be enough to stop future “arm wrestles”.
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