China will ease restrictions on certain shipments of BHP iron ore

China Mineral Resources Group (CMRG), a state-owned Chinese iron ore buyer, has informed several of the country’s steel mills that, starting April 14, they may purchase certain shipments of BHP iron ore denominated in U.S. dollars, according to Bloomberg.

This is a clear concession in the months-long commercial dispute with the mining company, the agency notes.

According to sources, the mills have not yet been explicitly authorized to accept physical shipments of BHP ore from Chinese ports, but an announcement to that effect is expected.

BHP and CMRG have been in dispute over the terms of long-term iron ore supply contracts starting in September 2025.

China Mineral Resources Group softened its stance following a visit to China by Brandon Craig, BHP’s new CEO. According to insiders, he met with executives from China Baowu Steel Group and CMRG. Current CEO Mike Henry joined Craig for part of the trip.

Brandon Craig will take the helm of BHP Group Limited on July 1, 2026.

China Mineral Resources Group was established in 2022 to centralize iron ore procurement and secure better terms from major mining companies such as BHP, Rio Tinto, and Vale.

It should be noted that over the past six months, Beijing has gradually tightened restrictions on BHP shipments amid a contractual dispute. On March 12, 2026, CMRG expanded the ban on Newman fines. A week earlier, traders were ordered to purchase fewer new shipments of Newman fines, lump ore, and Mac fines, although the directive allowed the purchase of those grades of raw materials already stored in ports. Last September, the purchase of the Jimblebar grade was banned, and in November, Jinbao products were banned.