Iron ore futures slipped toward CNY 800 per ton, retreating from a two-month peak after state-backed China Mineral Resources Group (CMRG) said it would temporarily ease certain restrictions on BHP Group’s Jimblebar Fines following a sharp price rally. The move is widely viewed as a concession to steelmakers, which have struggled to secure adequate supply amid a prolonged dispute between CMRG and BHP.
Prices had spiked last week after CMRG widened its ban on BHP iron ore for the second time in two weeks, notifying mills that products such as Newman fines and lumps, as well as Mining Area C fines, would be placed in the same restricted category as BHP’s Jimblebar blend. In response, Chinese mills rushed to move BHP ore from port inventories to their plants in anticipation of tighter curbs.
Over the past six months, China has steadily tightened limits on purchases of BHP iron ore while negotiating the terms of its 2026 supply contract.
