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13.03.202603:56:36UTC+00Iron Ore Set for Strong Weekly Gain

Iron ore futures rose above CNY 810 per ton and were on track to gain more than 5% for the week, after state-backed China Mineral Resources Group (CMRG) extended its ban on iron ore from BHP Group for the second time in two weeks amid a contract dispute. CMRG also informed 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 shift BHP ore from port stockpiles to their plants ahead of any additional curbs. Over the past six months, China has progressively tightened restrictions on purchases of BHP iron ore while negotiating terms for its 2026 contract. In September, purchases of the Jimblebar brand were banned, followed by restrictions on Jinbao products in November. Established in 2022, CMRG aims to centralize iron ore procurement and secure more favorable terms from major mining companies.

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