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Australian Prime Minister Anthony Albanese expressed concern on Wednesday following reports that China’s state iron ore buyer has instructed steelmakers and traders to halt purchases of BHP’s dollar-denominated iron ore cargoes. According to Bloomberg News, the directive came from China Mineral Resources Group (CMRG) during ongoing annual price negotiations.
Albanese emphasized the importance of keeping trade channels open, saying he wanted Australian iron ore exports to China to continue without hindrance. “I am concerned about that and what we want to make sure is that markets operate properly,” he told reporters, adding that while differences during negotiations were not unusual, he hoped the matter would be resolved quickly.
CMRG has yet to respond to requests for comment, while BHP has declined to discuss details of its commercial negotiations. Meanwhile, Australian Treasurer Jim Chalmers announced plans to meet with BHP CEO Mike Henry to discuss the situation.
Iron ore remains Australia’s most valuable export, with China accounting for about 75% of global seaborne demand. BHP, the world’s largest listed mining company, is currently China’s third-biggest iron ore supplier, after Rio Tinto and Brazil’s Vale. The establishment of CMRG three years ago aimed to consolidate Chinese purchasing power and strengthen its bargaining position in price discussions with major miners.
While iron ore has long underpinned Australia’s economic relationship with China, a government forecast in June predicted that export earnings from the sector will fall from A$116 billion in 2025 to A$105 billion in 2026, reflecting rising global supply.
The latest development highlights the delicate balance in Australia-China trade ties, with iron ore being a critical resource for China’s steel industry and a cornerstone of Australia’s export economy. Both governments and industry leaders are closely watching the negotiations, as any prolonged disruption could impact prices and global supply chains.
