China Mineral Resources Group Co., Ltd.
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Search complete. 15 mentions across 12 episodes found for "China Mineral Resources Group Co., Ltd.".
Oct 23, 2026
Tom ZaunmayrGUEST
A few weeks ago, actually, they foreshadowed to the share market that this was coming.
Tom ZaunmayrGUEST
Like BHP, earlier in the year, they evidently have some pretty intense negotiations with the China Mineral Resources Group, which is China's state-owned resources buyer.
Tom ZaunmayrGUEST
They have been flexing their muscle more so in the past few years after since being established in like 2022 or something like that.
speaker_4ADVERTISER
Yeah.
Emily CostaHOST
But the downstream consequence is that local smelters are now caught short of feedstock forcing them to import expensive Philippine ore just to meet operational obligations.
Emily CostaHOST
Meanwhile, over in Beijing, China Mineral Resources Group, the centralized state buying agency, has finalized an annual supply agreement with Rio Tinto.
Emily CostaHOST
Chinese mills are now submitting their localized volume orders, marking another decisive step by the world's largest steelmaker to dictate procurement terms and insulate itself from raw material price volatility.
Emily CostaHOST
Turning to energy, the refined product complex continues to trade under intense physical tightness.
Michael ThompsonHOST
The mining giant expects to stockpile around 30% of its October production, or 5 million tonnes.
Michael ThompsonHOST
As negotiations with China's central buying agency remain deadlocked, Beijing's China Mineral Resources Group, which buys 80% of the all-offer Chinese steel mills, has reportedly instructed steel mills to stop buying some Fortescue products as it pushes for more favourable pricing arrangements.
Sean AylmerHOST
Yes, BHP has been through this process.
Sean AylmerHOST
Fortescue is going through it now.
Steve DaghlianHOST
Now, it came out with an update.
Steve DaghlianHOST
It actually kept its outlook steady for the year, but at the same time, it did warn that it might need to cut annual goals if negotiations with China don't go well by December this year because of ongoing negotiations with China's state-owned China Mineral Resources Group.
Steve DaghlianHOST
Essentially, China wants a larger role in negotiating iron ore contracts on behalf of Chinese steelmakers for better commercial terms.
Steve DaghlianHOST
from major miners.
Michael ThompsonHOST
The mining giant expects to stockpile around 30% of its October production, or 5 million tonnes, as negotiations with China's central buying agency remain deadlocked.
Michael ThompsonHOST
Beijing's China Mineral Resources Group, which buys 80% of the ore for Chinese steel mills, has reportedly instructed steel mills to stop buying some Fortescue products as it pushes for more favourable pricing arrangements.
Sean AylmerHOST
Fortescue shipped 4 million tonnes more iron ore than it sold during the September quarter and says stockpiles will continue growing until an agreement is reached.
Sean AylmerHOST
The dispute has broader implications for Australia.
Michael ThompsonHOST
The mining giant expects to stockpile around 30% of its October production, or 5 million tonnes.
Michael ThompsonHOST
As negotiations with China's central buying agency remain deadlocked, Beijing's China Mineral Resources Group, which buys 80% of the ore for Chinese steel mills, has reportedly instructed steel mills to stop buying some Fortescue products as it pushes for more favourable pricing arrangements.
Sean AylmerHOST
Yes, BHP has been through this process.
Sean AylmerHOST
Fortescue is going through it now.
Jamie HannaGUEST
But it flagged some risk to their full-year profits.
Jamie HannaGUEST
Basically, they have a standoff at the moment with the Chinese state-backed buyer called China Mineral Resources Group.
Jamie HannaGUEST
They're basically being locked in a supply contract with them and trying to negotiate it.
Jamie HannaGUEST
And they're under a short-term contract, but essentially it appears that the Chinese company has reportedly been coordinating with some of the Chinese steel mills to delay cargos and limit buying.
Adrian PocobelliHOST
Very interesting here.
Adrian PocobelliHOST
And continuing on, Fortescue says dispute with China's CMRG hits iron ore sales, and this is Bloomberg via mining.com on October seventh.
Adrian PocobelliHOST
Iron ore miner Fortescue said sales fell as a standoff with state-backed buyer China Mineral Resource Group, or CMRG, over long-term supply contracts and price negotiations drags on.
Adrian PocobelliHOST
Sales of the steelmaking staple in the three months through September were about eight percent below shipments.
Adrian PocobelliHOST
Quote, "Reflecting impacts from ongoing negotiations with China Mineral Resources Group," Fortescue said in a statement Thursday.
Adrian PocobelliHOST
"Maintenance, including port shutdowns, also affected results," it said.
Adrian PocobelliHOST
So Fortescue continuing to struggle in its negotiations with CMRG.
Adrian PocobelliHOST
Continuing on.
Emily CostaHOST
The catalyst here is not a sudden collapse in global steel demand, but rather a deliberate institutional squeeze orchestrated by Beijing.
Emily CostaHOST
China Mineral Resources Group, the centralised state buying agency established to negotiate bulk commodities on behalf of Chinese mills, instructed domestic steelmakers to withhold orders for Fortescue's flagship iron ore products during annual supply contract talks.
Emily CostaHOST
By holding back procurement, Beijing is systematically testing the pricing power of the world's major miners.
Emily CostaHOST
With Fortescue acknowledging that its future production and cash forecasts are entirely hostage to these state negotiations, the era of Western mining houses dictating spot terms appears to have hit a regulatory wall.
Michael ThompsonHOST
Uh, Fortescue's sales have taken a hit as its standoff with, uh, China's state-backed iron ore buyer drags on.
Michael ThompsonHOST
The miner said sales were about 8% below shipments in the September quarter, uh, pa- partly reflecting ongoing negotiations with China Mineral Resources Group over long-term supply contracts and pricing.
Sean AylmerHOST
Shipments also fell 6% from a year earlier to 46.8 million tons.
Sean AylmerHOST
I still find 48- 48.6 million tons of iron ore-
Sean AylmerHOST
Uh, maintenance and port shutdowns didn't help.
Sean AylmerHOST
Fortescue shares finished 1.4% lower yesterday.
Sean AylmerHOST
China Mineral Resources Group was established to consolidate China's huge iron ore purchasing power.
Sean AylmerHOST
It's tried to influence prices.
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