China is taking on mining giants to reorder a $190 billion market

Bloomberg News | April 1, 2026 | 

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China has sought for decades to turn its clout as the world’s largest commodities consumer into pricing power. With iron ore — the most traded raw material after oil, and the backbone of global economic expansion — it is closer than ever to success.

The engine behind the current campaign is China Mineral Resources Group Co., an opaque company directly under the country’s central government which has been locked in a confrontation with mining giant BHP Group Ltd. for months. This is already the most significant commercial clash in nearly two decades between the country and one of its top suppliers, and has sent shockwaves through the industry.

Those heated negotiations are now reaching a critical juncture. A new chief executive is set to take the helm at BHP, with every incentive to resolve a deepening crisis. For China, meanwhile, a month-long war in the Middle East has only underscored the importance of CMRG’s mission, as the conflict deals another blow to US financial dominance and reinforces the urgency of holding more sway in key commodity markets.

“CMRG is not just an economic instrument,” said Marina Zhang of the University of Technology Sydney’s Australia-China Relations Institute, who works on supply chains and global power dynamics. “It is a geopolitical blueprint.”

This account of CMRG’s rise is based on interviews with more than 20 industry executives, financiers, traders and others involved working with the institution, all of whom asked not to be named given the sensitivity of the discussions. They reveal the depth of CMRG’s relationships within China’s economic power structure as well as nascent plans to expand its reach beyond iron ore.

CMRG and BHP declined to comment.

With a vast steel industry that consumes more than 70% of seaborne iron ore, China has consistently pushed for greater influence. Yet even after it overtook Japan as the leading importer in the early 2000s and ultimately forced a dramatic change in pricing — the industry moved toward shorter-term index-linked contracts, more reflective of market levels — that ambition remained unfulfilled.

To fix that, CMRG was set up in July 2022, after years of preparation, by the Communist Party’s central committee and the State Council, with industry veteran Yao Lin at the helm and a direct line to President Xi Jinping’s economic czar. The world’s biggest miners acknowledged the new arrival with some confusion, but said the trade would continue as normal. After all, most had been negotiating with Chinese buyers for decades, enjoying blockbuster margins.

This was true — until it wasn’t.

In September, CMRG set its sights on BHP. This was the first step in a new and more aggressive direction, with a confidence reflecting its backing by authorities in Beijing and a willingness to take on its largest suppliers — beginning with iron ore.

As China prepared for its early October holidays, executives at several of China’s largest steel producers recall receiving telephone calls out of the blue. The order coming over the line was simple and to the point: Stop using Jimblebar. A type of iron ore shipped from Western Australia by BHP was now out of bounds. The directive, targeting a product that is crucial for some steelmakers to balance cost and performance, left them stunned, they said.

The target was no accident. CMRG had spent months negotiating long-term supply contracts with BHP, and those talks had stalled. Back in 2010, BHP had led the pricing shift that ultimately reduced the scope for bilateral bargaining, and had the clout to set the tone once again. By choosing Jimblebar, a medium-grade product sold almost exclusively to the world’s top-consuming market, China could also deal a targeted blow.

BHP initially gave no public response to what it later described as sometimes challenging commercial negotiations. Privately, however, its team in Singapore acknowledged from the start that there was more at stake, as did the miner’s rivals. Here was the first step in a concerted effort to change the way that China does business with giant foreign producers, one that injected an uncomfortable measure of uncertainty into a mining industry built on predictability and vast scale.

Not since the arrest of former Rio Tinto Plc executive Stern Hu in 2009 — a corruption case that highlighted a breakdown in relations between China’s mills and big miners — had ties been as fraught. Hu pleaded guilty to accepting bribes and was jailed in 2010. At the time China denied it was using the judicial process as an economic policy tool.

The fight

Escalation was swift. After BHP did not respond as CMRG had hoped to the Jimblebar move, the buyer took another step and within days urged major mills and traders not to take on new dollar-denominated seaborne cargoes from the miner. (It did allow volumes that had already arrived in China to remain tradeable.)

And the ratcheting-up continued. In November, a second BHP product, Jingbao fines, a minor product similar to Jimblebar, was added to the banned list, specifically to subvert blending efforts. CMRG then asked authorities overseeing port terminals to raise storage costs in order to curb hoarding by foreign miners and traders.

It had become a full-blown standoff.

Then, CMRG indicated it would put even more BHP products on the same restricted list, according to people directly involved in the conversations, citing telephone calls. That began to test limits. Mills reacted, rushing to move iron ore from stockpiles to their plants, shifting popular grades like Newman fines and lumps and Mining Area C fines out of ports in northern and eastern China — enough to prompt CMRG to indicate last month it would ease Jimblebar constraints temporarily.

International investors, many of whom had largely dismissed CMRG until the crisis broke, were now pressing BHP, along with its major iron ore rivals, Rio Tinto and Vale SA, seeking explanations and a better understanding of the potential implications. Australia — whose relationship with China is still thawing after a years-long diplomatic freeze that ended in 2022 — stepped in to note concern at the end of last year, with Prime Minister Anthony Albanese expressing a desire to see the crisis resolved swiftly.

Speaking during the group’s earnings call in February, BHP chief executive officer Mike Henry said commercial negotiations were tough but the overall relationship remained “on track.” Rio Tinto told its investors it continued to engage. Iron ore producer Fortescue Ltd. has said that CMRG is trying to get more from its relationships, and adding it was responding, including with Chinese equipment purchases.

The iron ore market is deep and complex enough to withstand a crisis, not least because in this instance not every channel was cut off. BHP’s cargoes sold through private tenders at discounts are finding bold Chinese buyers willing to defy the directive — CMRG still needs to rely on compliance. Blending has also proved a very effective means of evading some checks.

Still, CMRG’s tactics — particularly its use of indirect methods, like cargo inspections at ports carried out by other government agencies — have kept up pressure, people involved in the trade said. They have also underscored CMRG’s remarkable ability to operate outside China’s conventional bureaucratic channels. While formally a centrally administered state-owned enterprise with trading ambitions, in practice the group works like a State Council coordinator and can press ministries to step in around matters it considers strategically important.

And the methods and contradictions are also creating trouble with mills in what remains an industry rooted in China’s regions, not Beijing. For them, CMRG is an effort to demonstrate that existing conglomerates and industry groups, like the China Iron and Steel Association, known as CISA, have not done enough. It’s an effort to take greater control. Several state-owned traders have also shown that it is possible for some to work around CMRG’s directives, risking disfavor for profit, the people said.

First steps

The ideas behind CMRG had been circulating in policy circles well before the group formally existed. In late 2020, the Chinese government laid out a plan to promote joint procurement of iron ore and explore the establishment of a more “open, fair and transparent” pricing system — the first step toward a unified negotiating front. Then during the following year’s annual congress meetings, He Wenbo, ex-chairman of the predecessor of China Baowu Steel Group Corp. and CISA’s head, publicly called for the creation of groups to develop iron ore production overseas. (Baowu would become a major stakeholder in the giant Simandou project in Guinea.)

Other industries that are dependent on imports have taken the coordinated buying approach. There is a copper-purchasing alliance known as the China Smelter Purchasing Team, or CSPT, and there have been discussions among China’s state-owned refining giants about forming consortia to jointly procure crude oil.

Yet for iron ore, Beijing went one step further — a standalone, centrally administered state-owned enterprise operating independently of individual industry players, and a direct line to the very top of the political establishment.

Even today, few in the industry are clear on how exactly what began as a purchasing consortium — initially just one part of a package aimed at strengthening China’s position in iron ore — evolved into a behemoth. Today it has a registered capital of 20 billion yuan (roughly $2.9 billion), challenges international miners and is reshaping the way the commodity is bought and priced.

Crucially, it is also beginning to show interest in other metals, particularly copper, according to several officials, who suggested the group’s name already points to this wider remit. In December, a CMRG researcher gave a presentation on the global copper market at a forum in Shanghai. No formal move has been decided, they added.

“They have the lion’s share of representation of steel mills,” Dino Otranto, CEO of Fortescue Metals, said in January, pointing to multiple meetings with the group and an effort to shore up the Australian miner’s leadership in China. “They are the China Mineral Resources Group, so we see them currently as just the procurer of iron ore, but they are actually a lot bigger than that — they are an investment vehicle.”

There are plenty of reasons for skepticism, even in iron ore. After all, Beijing has tried to exert more control before, with only fleeting results, and the market has only become more complex since.

“The genie is out of the bottle. The market has become more financialized,” said Pascale Massot, a political scientist at the University of Ottawa, who has written on CMRG and China’s negotiations. “If CMRG had been created with the same amount of gravitas in 2006, we would be in a different place today, but this world has been allowed to evolve for 15 years. That creates a whole lot of stakeholders that have a say in this actual system.”

Proponents, though, argue this time is different, thanks to political support and a far more centralized political structure across the country. In this context, it matters that oversight of the group sits at the top of the bureaucratic firmament. CMRG occupies an unusually elevated position, thanks to Yao’s links to Beijing’s top leadership.

That status has allowed the group access to a wider range of levers, from prompting environmental and tax inspections of mills that do not align with its coordination efforts to higher port fees. All have been used in the spat with BHP — though not without raising questions about overreach.

CMRG has already displaced traditional trading houses as one of the top spot traders in China, with dozens of cargoes on the water in any given month, treating inventories across over a dozen ports like a strategic reserve. That physical presence matters. CMRG doesn’t just talk about price — it can shape flows, deciding when ore is bought, how it moves, and how quickly it clears Chinese ports.

Price maker

For all the lingering questions around its structure and mechanics, CMRG has been open about the problems it sees with the seaborne iron ore market, worth roughly $190 billion at current prices. Analysts from its research arm have presented at domestic and international conferences, emphasizing the need for the world’s largest consumer to have a say. In the context of a market shaped by daily spot trades, with contracts overwhelmingly priced in US dollars, China’s fragmented domestic steel sector struggled to replicate the past power of Japanese peers, many of whom were shareholders as well as buyers.

At one such event in October, attended by Bloomberg, CMRG described current global pricing mechanisms as irrational, arguing that benchmarks rely too heavily on thin spot trades and overseas futures markets — instead, Chinese alternatives should be used as a closer reflection of supply and demand.

China’s steel association has urged steelmakers to adopt a newly launched domestic port-side spot index as a core reference in long-term negotiations, explicitly shifting pricing away from international gauges.

Rio Tinto and Fortescue have already agreed to drop the Platts index for early 2026 shipments, switching to an alternative as a compromise, under pressure from CMRG, according to people familiar with the situation. The largest owner of Rio Tinto’s London shares is the Aluminum Corporation of China Ltd. Fortescue, meanwhile, has a major Chinese shareholder — a subsidiary of Hunan Valin Iron and Steel Co. — and is heavily exposed to Chinese lenders. Both miners also extended long-term supply contracts with the state buyer by six months into 2026.

Rio Tinto and Fortescue declined to comment.

BHP is a different beast.

The world’s largest miner was central to the creation of the current pricing system. Back in 2010, under then-CEO Marius Kloppers, BHP led the shift toward index-linked spot pricing, reshaping the market.

And the stakes are high for BHP, as it tries to turn its path toward growth commodities but needs the generous margins of its iron ore business. The miner has announced Americas boss Brandon Craig — who before his current role was asset president for the iron ore business in Western Australia — will take over from Henry in July. He may well be eager to reset, even without a full overhaul of the negotiating team.

Craig is set to travel to Beijing imminently as he prepares for the role, for fresh conversations.

“Australian iron ore, and BHP’s volumes in particular, remain structurally embedded in China’s steel supply chain in terms of scale, quality consistency and logistics reliability,” said David Cachot, an iron ore research director at Wood Mackenzie Ltd, adding BHP would also struggle to find a market large enough to absorb iron ore at the necessary scale.

“Neither side holds a credible exit,” said Cachot. “China cannot replace BHP’s iron ore, and BHP cannot replace China.”

With an eye on the supply disruption wrought by Russia and now US strikes in the Persian Gulf, though, it is clear that CMRG will certainly try.

“China wants to make sure it will continue to develop and improve its terms of trade against major suppliers,” said Weihuan Zhou, a professor at UNSW Sydney who studies the country’s integration into the international economic order. “China can’t just continue to be disadvantaged.”

(By Alfred Cang and Katharine Gemmell)

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India’s iron ore imports set to hit 7-year high in 2025–2026

Reuters | March 24, 2026 | 

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India’s imports of iron ore, a key raw material in steelmaking, are set to rise to a seven-year high in the fiscal year ending on March 31, driven by a shortage of high-grade ore and demand from JSW Steel, analysts and industry executives said.

Overall imports are likely to reach 12 million to 14 million metric tons in 2025-26, more than doubling from a year earlier, analysts and trade officials said.

JSW Steel, India’s biggest steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra and the southern state of Karnataka, said Lalit Ladkat, a senior analyst at London-based consultancy CRU.

A cargo of BHP’s Jimblebar Fines iron ore is heading to India in a rare sale, driven by discounts on the product that was banned for sale in China, Reuters reported last week.

The bulk of India’s iron ore imports in the fiscal year originated from Brazil and Oman, which together accounted for about 70% of total shipments, Ladkat said.

Iron ore output in India, the world’s second-largest crude steel producer, is expected to reach 305 million tons in the 2025–26 fiscal year, up from 289 million metric tons a year earlier, according to commodities consultancy BigMint.

But exports of iron ore are expected to reach 29 million metric tons, up 26% from a year earlier, with 85% of shipments going to China, Ladkat said.

India mainly exports low-grade iron ore that is generally not used by steel mills in the country, mining officials said.

In the fiscal year that begins on April 1, India’s iron ore output is expected to rise as mines ramp up production, although imports may continue depending on grade requirements and plant-level supply dynamics, said Sumit Jhunjhunwala, vice president at ICRA Ratings.

Iron ore pellet imports to drop

India, which has been importing cheaper iron ore pellets – processed or value-added products – from Iran since last year, is likely to see volumes decline due to the conflict in the Middle East, analysts said.

“Indian pellet imports from Iran could decline amid heightened geopolitical tensions and associated trade uncertainties, while ample domestic pellet availability is likely to constrain import demand,” BigMint said.

From April to February, India imported 1.88 million metric tons of iron ore pellets, up six times from a year earlier.

(By Neha Arora; Editing by Mayank Bhardwaj and Thomas Derpinghaus)

Fortescue bets on China ties as CMRG broadens iron ore influence

Bloomberg News | March 23, 2026 | 

Fortescue Metals and Operations CEO Dino Otranto. (Image by Kristie Batten.)

Fortescue Ltd. expects its extensive use of Chinese capital and mining equipment to set it apart from rival iron ore producers as Beijing seeks to extend its influence in the market, chief executive officer Dino Otranto said in an interview.

Speaking on Bloomberg Television, Otranto said state-backed iron ore buyer China Mineral Resources Group Co. had told him from the start that it wanted better terms, and to bring in more investment.

“The message was very clear. We procure all of your iron ore; You get all your money from the US, you get all your equipment from the US. We need to look at opening up that relationship,” he said on the sidelines of the China Development Forum.

Otranto added that Fortescue had already taken significant steps to source equipment from Chinese suppliers, including by placing a large order for trucks. Last August, the company also secured a 14.2 billion yuan ($2 billion) loan from lenders including mainland banks, in an effort to diversify away from the US. This could position Fortescue as a “unique offering in the market compared to some of our peers,” Otranto said.

CMRG has disrupted the global iron ore market with its effort to increase the clout of the world’s top consuming nation. It has been locked in months of pricing negotiations with BHP Group, a dispute that has resulted in steel mills being told to halt purchases of certain types of ore produced by the miner.

Fortescue and Rio Tinto Group have already switched the index they use to price some of its iron ore contracts under agreements with CMRG.

(By Katharine Gemmell, Paul-Alain Hunt and Stephen Engle)

 

Fortescue rolls out battery trains in Western Australia

Kristie Batten in Port Hedland | February 12, 2026 | 

Fortescue Metals and Operations CEO Dino Otranto. (Image by Kristie Batten.)

Australian iron ore producer Fortescue (ASX: FMG) has commissioned two battery electric locomotives in Western Australia’s Pilbara, marking a key step in its plan to achieve real zero emissions across its iron ore operations by 2030.

The locomotives, delivered by US-based Progress Rail, a subsidiary of Caterpillar (NYSE: CAT), are the first of their kind globally and form part of a $6.2 billion push by the Andrew Forrest-chaired company to fully decarbonize its Pilbara operations, which it says are the most comprehensive in the global mining sector.

Speaking in Port Hedland on Thursday, Fortescue Metals and Operations CEO Dino Otranto said rail remains one of the hardest sectors to decarbonize.

“We push 40,000 tonnes up 400 metres, 300 or 400 kilometres away, multiple times a day,” he said. “The forces and energy that’s behind that have been worked on for more than 200 years in the combustion two-stroke engine that has historically powered all of our fleet, but today, this is a turning point.”

Each locomotive houses a 14.5 megawatt-hour battery, the largest fitted to a land-mobile application, and can recover 40% to 60% of energy through regenerative braking. Together, they will eliminate about one million litres of diesel a year and operate on renewable electricity supplied through Fortescue’s Pilbara Energy Connect program.

Fortescue operates a fleet of 70 locomotives and will now test the first two units before transitioning the remainder over the next few years.

Full electrons ahead

The rail rollout sits within a broader electrification push across Fortescue’s 760-kilometre Pilbara network, which links five mines to its port and towage infrastructure in Port Hedland. The company expects to produce 195 million to 205 million tonnes of iron ore in the 12 months to June 30, 2026.

Otranto said 2026 would be a year of delivery for several major renewable energy projects. At North Star Junction, which supplies the Iron Bridge magnetite mine, Fortescue operates a 100 megawatt solar farm supported by a 250 megawatt-hour battery energy storage system capable of delivering up to 50 megawatts for five hours.

Construction of the 190 megawatt Cloudbreak solar farm is about two-thirds complete. The company has secured primary approvals for the proposed 644 megawatt Turner River solar farm, with construction expected to start later this year, and expects a decision on the 440 megawatt Solomon solar project within days.

Fortescue is installing about 3,600 solar panels a day and is deploying automation technology to increase that rate, Otranto said.

The company has begun building its first Pilbara wind project at Nullagine and recently acquired Nabrawind to support future wind developments. Across its operations, Fortescue now runs one electric drill and 12 electric excavators and has started taking deliveries of electric wheel dozers and trucks.

While the shift requires significant capital, Otranto said every investment must meet strict financial hurdles.

“We are not doing this out of charity. We need these machines to be economic. We want them to compete on the open market against the old technology,” he said, adding that the Pilbara’s climate offers strong renewable energy potential.

Beyond decarbonizing its mining operations, Fortescue aims to produce its first green iron by the end of June. The company is building a plant at Christmas Creek and expects first metal this financial year.

“For us, that’s the next chapter of growth in the Pilbara,” Otranto said.

BHP’s potash blowout overshadows Australia iron ore record

Bloomberg News | January 19, 2026 |

Construction at the Jansen potash project. (Image courtesy of BHP.)

BHP Group, the world’s largest miner, has again blown past cost estimates for its key Jansen potash project in Canada, raising projected investment in the first phase to $8.4 billion — $1 billion above the upper range of an already revised budget announced last year.

Cost and schedule overruns on large projects are not unusual in the sector, but potash — a key plank of BHP’s strategy as all miners scramble for growth — was approved in August 2021 at $5.7 billion. First production is now expected in the middle of 2027, though a second stage of development is still under review.

Production numbers released on Tuesday for the miner’s current core mines were broadly in line with analyst estimates, including record first-half output at its Australian iron ore operations. It produced 69.7 million tons of iron ore overall in its second quarter, up 5% on the same period a year ago, and reaffirmed its annual production guidance.

Realized prices for iron ore edged higher to $84.71 per ton. BHP has been locked in a dispute with China, the top consumer of its steelmaking ingredient, for months. State-owned trader China Mineral Resources Group Co. has sought to curb steel mills’ purchases from BHP, as part of a broader effort to increase the country’s negotiating clout and constrain miners’ pricing power.

The Melbourne-based miner said in its statement that it had responded by being more flexible with shipments, but added it had “seen some impact” to its selling price for iron ore. Other major foreign producers, including Brazil’s Vale SA, Rio Tinto Group, and Fortescue Ltd. will also need to negotiate with CMRG.

“China’s commodity demand remains resilient, supported by targeted policy measures and solid exports,” BHP chief executive officer Mike Henry said, adding momentum moderated in the second half of 2025, “notably in construction, manufacturing and infrastructure investments.”

Iron ore futures have managed to hold their ground in the last calendar year, gaining about 4% in 2025, but new supply could pressure prices lower over the coming quarters.

Production of copper dipped 4% in the three months to the end of December, to 490,500 tons. Realized prices jumped, however, as benchmark levels continue to track higher, breaking through $13,000 a ton.

BHP’s appetite to add to that number prompted it to make takeover approaches for rival Anglo American Plc., all rebuffed. The target has since agreed to tie up with fellow copper heavyweight Teck Resources Ltd. Rival Rio Tinto Group, meanwhile, is in talks with Glencore Plc over a potential takeover, again motivated by the desire to become a stronger force in the red metal.

BHP has bought two undeveloped projects in partnership with Canada’s Lundin Mining Corp. which they have dubbed Vicuña bordering Chile and Argentina. A technical report into Vicuña is expected in the coming months.

BHP’s Australia shares were little changed in early Tuesday trading at A$48.785.

(By Paul-Alain Hunt)

China’s steel exports, iron ore imports hit record highs

Reuters | January 14, 2026 |

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China’s steel exports hit a record monthly high in December, fueled by front-loading driven by Beijing’s announcement of an export licence requirement for shipments from 2026.

The world’s largest steel producer shipped 11.3 million metric tons of the metal used in construction and manufacturing last month, the highest for a single month, data from the country’s General Administration of Customs showed on Wednesday.

Beijing has plans to roll out a licence system from 2026 to regulate steel exports, as robust shipments have sparked a growing protectionist backlash worldwide.

Some exporters rushed to ramp up shipments before January on fears that the export licence requirement might impact shipments, analysts said.

Despite surprisingly high exports, China’s prolonged property market woes have remained a drag on steel consumption.

China’s steel demand is projected to slide by 1% this year after an annual fall of 5.4% in 2025, according to a forecast from a state-backed research agency.

Steel exports for the whole year rose by 7.5% from the year before to an all-time high of 119.02 million tons despite an increasing number of countries throwing up trade barriers on Chinese steel arguing that domestic manufacturing has been hurt.

Iron ore imports at record

Iron ore imports in the world’s largest consumer hit a record high last year as low in-plant inventories and improved steel margins encouraged mills to book more cargoes.

Chinese steelmakers have kept low inventories at plants since late 2022 as a demand slump caused by the crisis-hit property market strained their cash flow.

Moreover, robust steel exports underpinned resilient demand for the key steelmaking ingredient, analysts said.

Imports in December rose 8.2% from the month before to 119.65 million tons, the highest for a month, bringing the total in 2025 to a record high of 1.26 billion tons with a rise of 1.8% from 2024.

Global iron ore supply is forecast to grow by 2.5% in 2026, and shipments to China are expected to increase by between 36 million and 38 million tons, piling pressure on prices this year, said Bai Xin, an analyst at consultancy Horizon Insights.

(By Amy Lv and Lewis Jackson; Editing by Jacqueline Wong and Tomasz Janowski)

Congo pitches new $29 billion iron ore and logistics project

Bloomberg News | January 13, 2026 | 

Congo Mines Minister Louis Watum. Image: Louis Watum Kabamba | X

The Democratic Republic of Congo, one of the world’s biggest producers of copper and cobalt, wants to add a $29 billion iron ore project to its mineral portfolio.

The country’s government has created a project called Mines de Fer de la Grande Orientale, or MIFOR, to develop a particularly rich seam of ore in the remote north of the country, Mines Minister Louis Watum told the council of ministers Friday, according to minutes published on the website of the office of the prime minister. The deposit has an estimated 20 billion tons of resources at an average grade of 60%, he said.

The first phase of the project would require the construction of heavy rail and transport on the Congo River to the deep-water port of Banana on the Atlantic Ocean and cost $28.9 billion, Watum said. Initial production capacity would be approximately 50 million tons per year, expandable to 300 million tons, Watum told the council.

“After more than 100 years of mining primarily focused on copper and cobalt, the MIFOR project marks a major strategic shift in the Democratic Republic of Congo’s extractive model,” Watum said, according to the minutes.

The project has already attracted institutional investors, he told the council, which agreed to create an inter-ministerial commission dedicated to the project.

(By Michael J. Kavanagh)

Radiant unloads BHP iron ore in China as trader tests curbs

Bloomberg News | January 12, 2026 | 

Credit: Berge Bulk

A bulk carrier laden with BHP Group’s Jimblebar iron ore has discharged in China after weeks idling offshore, in a rare case of a trader pressing ahead with restricted cargoes despite an ongoing pricing dispute.

The Berge Mawson unloaded its cargo, owned by trading firm Radiant World, at the northern port of Caofeidian in the first week of January and has now left the country, Bloomberg ship tracking data show. The vessel saw lengthy delays after port storage constraints led to a backlog of ships waiting to offload cargoes.

The Jimblebar Fines blend is one of the BHP products subject to curbs imposed by China’s state-run iron ore trader. The nation is the world’s largest buyer of the steelmaking staple and BHP one of its biggest suppliers. As such, the fate of the cargo has become a focal point for traders wanting to gauge whether restricted material can ultimately be sold in the country, according to people familiar with the matter.

Radiant World is a private trading company that has grown rapidly in recent years to become one of the largest players in the market. The Berge Mawson had been anchored off the coast since early December before finally docking on Dec. 31.

It isn’t clear whether Radiant has found a buyer, or whether the ore is stacked up at the port and yet to clear customs. Prolonged delays to shipments threaten to tie up vessels and raise demurrage and storage costs.

BHP is locked in a dispute with China Mineral Resources Group Co., the state-run firm set up in 2022 to consolidate iron ore purchases and wrest pricing power away from foreign miners. Although CMRG told steelmakers in September to stop purchasing Jimblebar, there may be mills that aren’t linked to the state-owned firm willing to take the product. Others might seek special approval from CMRG.

Radiant World and BHP both declined to comment. CMRG didn’t respond to a request for comment. Another vessel loaded with BHP ore that’s being closely watched by traders, the Ever Shine, has been idling off the port of Qingdao since early December

CMRG is also in talks with BHP’s Australian peers, Rio Tinto Group and Fortescue Ltd., for long-term supply deals in 2026. Meanwhile, Chinese customs has been stepping up checks to screen for cargoes of BHP ore, said two of the people, who declined to be named discussing a sensitive matter.

China’s customs administration didn’t immediately respond to a fax seeking comment.

 

Glencore purchase is latest in flurry of Peru copper dealmaking

Bloomberg News | December 16, 2025 | 

The Antapaccay copper mine (pictured) is also controlled by Glencore and is located near the city of Espinar. (Image courtesy of Glencore).

Glencore Plc bought a Peruvian mining project in the country’s third copper deal in less than two weeks as companies jostle to boost their exposure to a metal projected to be in short supply.

The Swiss commodities giant is acquiring the Quechua project in the Cusco region from Japan’s Pan Pacific Copper Co. for an undisclosed sum, it said Tuesday in a statement. Peru’s government estimates the investment required to build the mine at $1.3 billion.

That follows two other Peruvian copper deals this month. Canada’s Rio2 Ltd. is acquiring the Condestable mine from Southern Peaks Mining in a transaction valued at $241 million. Fortescue Ltd. agreed to buy the 64% it didn’t already own in Alta Copper Corp., marking the Australian firm’s first major foray beyond iron ore.

The Peruvian deal flurry is taking place at a time of near-record prices of a metal seen as critical for electrification and the energy transition. A more than 30% jump in copper prices this year is underpinned by production disruptions and the difficulties in building new mines and expanding existing operations.

Glencore is stepping up its presence in Peru as part of a plan to almost double its copper output globally. The company is betting it can navigate sporadic protests over expansion plans amid broader tensions between communities and mining in a part of Peru that’s also seen a jump in informal digging.

Companies are also showing their willingness to steer through onerous red-tape in Peru, where it can take decades to turn an exploration project into a functioning mine.

Quechua, which was left undeveloped by Pan Pacific Copper, adds another piece to a district that includes Glencore’s Antapaccay mine and the future Coroccohuayco project.

“The asset should carry greater value for Glencore, which can leverage existing infrastructure much as it plans to do with Coroccohuayco,” Bloomberg Intelligence analysts Alon Olsha and Grant Sporre wrote in a note.

Antapaccay began producing in 2012, churning out about 146,000 metric tons last year. Glencore also has a 34% stake in Peru’s giant Antamina mine, where it is partnering with BHP Group, Teck Resources Ltd. and Mitsubishi Corp.

(By James Attwood and Marcelo Rochabrun)

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Fortescue ends bitter green iron battle with Element Zero

Cecilia Jamasmie | November 26, 2025 | 

Fortescue’s founder and largest shareholder, Andrew Forrest. (Image: Fortescue Metals Group.)

Australia’s Fortescue (ASX: FMG) has agreed to settle its high-stakes lawsuit accusing former executives of stealing company data to build their green iron start-up Element Zero.

The iron ore miner had claimed that former chief scientist Bart Kolodziejczyk and former technology development lead Bjorn Winther-Jensen used green iron technology they helped develop while at Fortescue to form Element Zero.

Company lawyers argued the work was tied to Fortescue’s broader push for hydrogen-based solutions in its pursuit of what it called the green ore holy grail. Element Zero chief executive Michael Masterman, also a former Fortescue employee, was named in the case.

The spat intensified as Fortescue used private investigators who produced surveillance reports that included photographs of children and private homes, details taken from rifled mail and tracking of family members. The company also won court approval for raids on the homes and offices of Element Zero principals, leading to the seizure of about 9 million documents.

Hole in the pocket

Fortescue hit a major setback last month when Federal Court Justice Brigitte Markovic rejected its push to access all of Element Zero’s work, something the miner’s own counsel had argued in September was needed to run the case.

“We are delighted to put this episode behind us,” Masterman said in a statement. “We can now focus all of our deep and capable technical resources on rapidly advancing our iron-ore-to-iron technology and developing our manufacturing sites in the Pilbara heartland of Port Hedland and in the US.”

Element Zero said each side would cover its own expenses.

The start-up’s $10 million in funding has been heavily depleted by its legal defence, leaving it in need of far more capital to prove commercial viability and build its planned manufacturing sites. The outcome raises the question of whether Fortescue would have been better off taking a stake in the venture instead of dragging its former executives through court.

 

Brazil’s Prumo sells stake in joint venture with Anglo American

Reuters | November 14, 2025 | 

Porto do Açu is a major Brazilian seaport and industrial hub. Image: Porto do Açu

Brazilian logistics firm Prumo said on Friday it agreed to sell its 50% stake in Ferroport, a joint venture with miner Anglo American that operates an iron ore terminal at Rio de Janeiro’s Acu Port.

The Ferroport stake is being sold to investment firm 3Point2, which had financial support from lender BTG Pactual, Prumo said in a statement.

Financial details were not disclosed.

Closing of the deal still depends on some conditions, Prumo added.

“The transaction is in line with Prumo’s strategy of simplifying its corporate structure and optimizing its capital structure,” it said.

(By Rodrigo Viga Gaier; Editing by Natalia Siniawski)

TIPC Diversified Investment Businesses

Taiwan International Ports Corporation 

Kaohsiung Port Warehouse No.2 (KW2)

Published Nov 15, 2025 4:20 PM by The Maritime Executive

[By: Taiwan International Ports Corporation]

Established in 2012 by the Ministry of Transportation and Communications ROC, Taiwan International Ports Corporation (TIPC) is in charge of seven international ports in Keelung, Taipei, Suao, Taichung, Kaohsiung, Anping, Hualien, and operates two domestic commercial ports in Budai and Penghu.

TIPC’s main business includes specializing in international commercial port management, container and bulk cargo loading and unloading, freight warehousing, international cruise terminals and other core port businesses. In line with international port management trends, TIPC seeks to diversify business scope through asset development, reinvestment, and international expansion.

TIPC has actively developed investment businesses since 2014 and now holds more than 20% of the equity in a total of 7 investment affiliates and subsidiaries, focusing on the main port industry such as harbor towage service, warehousing & logistics, land development around the port area to create higher economic value.

In addition, in accordance with offshore wind power policies, TIPC has developed offshore wind power related business such as “O&M”, “logistics & warehousing” “wind power talent cultivation”, and “heavy cargo transportation”.

Meanwhile, in response to government’s New Southbound Policy and TIPC’s investment strategy, TIPC has worked with affiliates to explore countries in Southeast Asia with economic development potential and cargo sources, and deployed port-related and extended industries in ports, logistics and terminals in order to promote the diversified development.

Outreach core competencies of port business and capacity

Working Vessels & Operations and Maintenance
Founded in 2014, TIPC Marine Corporation (TIPM) is TIPC 100% subsidiary. The main business projects are shipping related services in commercial port areas such as vessel entry and exit and berthing operations, and high-quality ship repair services.

TIPM has provided vessels and onshore facility services for major offshore wind developers and EPCI (Engineering, Procurement, Construction, and Installation) companies, earning recognition for its high service quality since 2017.

The fleets of TIPM include CTVs, tugs, and barges. TIPM has participated in the construction of most offshore wind farms in Taiwan, providing personnel transportation, heavy cargo transport, guard vessel services and onshore facility leasing.

Notably, TIPM has built long-term partnership and project collaboration with offshore wind developer. Additionally, TIPM manages Taiwan's largest offshore wind O&M base at Taichung Port to form the industrial cluster.

Heavy Cargo Transportation
Taiwan International Ports Heavy-Machinery Corporation (TIPH), established in 2020 as a joint venture between TIPC and Giant Heavy Machinery Service Corporation, specializes in heavy cargo transportation and offshore wind project management.

TIPH offers customized logistics planning, construction method design, and equipment support, including cargo-specific assessments, lifting and transport equipment configuration, and route planning — all delivered through an integrated approach to ensure high safety and execution quality.

TIPH has actively participated in numerous Taiwan’s offshore wind farm projects to transport key components such as pin piles, jackets, blades, towers, and nacelles.

TIPH will take a more proactive role in clean energy industry projects in the future.

With abundant experience and strong execution capability, TIPH is dedicated to becoming the hub for heavy cargo transportation and port engineering in the Asia-Pacific region.

Logistics Services
Taiwan International Ports Logistics Corporation (TIPL), as a joint venture between TIPC and 3 private enterprises, was established in 2014.

TIPL operates warehousing and logistics businesses in Kaohsiung, Taichung and Taipei Ports, with leased warehouses located in the Free Trade Zone. TIPL takes advantage of the Free Trade Zone to mainly provide various high value-added logistics services.

TIPL operates “Maritime Cargo Express Service” in Taipei Ports for the demand of goods in real time and small quantities. The service provides fast and efficient logistics solution for cross-border logistics in the Asia region.

In recent years, to meet the demand of offshore wind energy industry, TIPL has been actively seeking offshore wind energy business opportunities since 2021, and provide indoor/ outdoor storage area at Taichung Port for offshore wind farm O&M parts storage.

The end customers include offshore wind energy developers and equipment suppliers. In the future, TIPL will also seek to become an O&M Base of offshore wind energy operator.

Waterfront Development
Kaohsiung Port Land Development Corporation (KPLD) was established in 2017.

The main business services are to promote the development of the old port areas of Kaohsiung Port and the surrounding areas, and combine the resources and platforms of TIPC and Kaohsiung City Government to achieve the goals and benefits of regional development.

Nowadays, KW2 and Kaohsiung Port Depot have been iconic landmarks in Kaohsiung city. With the collaboration of port and city, KPLD demonstrates successfully resilience of ports from cargo transportation to waterfront recreation.

Bridging Asia Pacific Region

New South Bound
TIPC actively promotes internationalization and expands overseas investment business in line with the government's New Southbound Policy. PT. Formosa Sejati Logistics (FSL) and Taiwan Foundation International Pte. Ltd (TFI) were established in 2018.

FSL mainly operates container distribution and logistics warehousing in Surabaya, Indonesia, and also provides container consolidation, container maintenance, inland and ocean freight, and third-party logistics operations (integrated logistics).

TIPC sets up TFI in Singapore by cooperating with domestic shipping, port and logistics business operators, in order to evaluate suitable targets in Southeast Asiancountries to carry out investment planning and management business in ports, international logistics and other industries.

Talent Cultivation
Founded in 2018, Taiwan International Windpower Training Co., Ltd. (TIWTC) is a joint venture between TIPC and several state-owned and private enterprises affiliated with the offshore wind industry.

TIWTC is committed to cultivating offshore wind professionals who meet international standards. As one of the largest offshore wind training centers in the Asia-Pacific region, TIWTC operates advanced training facilities and delivers safety and technical training modules accredited by the Global Wind Organization (GWO).

TIWTC also offers Dynamic Positioning (DP) courses certified by the Nautical Institute (NI), providing a broad range of specialized maritime training programs.

Training more than 1,000 participants annually, TIWTC has successfully cultivated over 10,000 offshore wind professionals to date. It has held the highest number of GWO certifications in Asia for four consecutive years and was honored with the GWO “Training Team of the Year – Asia Pacific” award in 2024, in recognition of outstanding training performance on the international stage.

In 2025, TIWTC was nominated for the fifth time as the GWO “Training Team of the Year – Asia Pacific. In 2024, TIWTC established a subsidiary in Japan, further strengthening regional presence and reinforcing role as a key connector of global offshore wind talent.

Future Prospects
TIPC aims to become a world-leading port management group. Due to the changes and increasingly intense competition in the international port ecosystem, in order to overcome the challenge in its core business, TIPC draws on the experience of international benchmark port groups to enhance corporate value and competitiveness through diversification and conglomeration.

The products and services herein described in this press release are not endorsed by The Maritime Executive.