China's State iron-ore buyer allows purchases of previously banned BHP portside cargoes, sources say
BEIJING - China's State iron-ore buyer has lifted its ban on purchases of certain BHP ore products that had piled up at ports, four sources with knowledge of the matter said on April 28.
BHP Group, the world's third-largest iron-ore supplier, and State buyer China Mineral Resources Group (CMRG) have concluded a contract negotiation that ended a months-long ban on purchases of the company's iron ore, BHP said last week.
The ban was lifted for mainly seaborne products and its removal followed a visit by BHP executives.
Steelmakers can now buy and take delivery from ports previously frozen BHP products such as Jimblebar fines - a type of medium iron ore - after submitting a report to CMRG, said the sources.
Traders also were notified that they could sell their Jimblebar fines at ports, said one of the sources.
The most-traded iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade down
1.02% at 779.5 yuan per ton, or $114.18/t.
Last September, CMRG banned purchases of BHP's Jimblebar fines, followed by the miner's Jinbao fines last November and Newman fines in March.
Jimblebar fines stocks at 15 major Chinese ports were 8.69-million tons as of April 22, 382% higher than in late September, two separate traders with knowledge of the matter said last week.
CMRG and BHP did not immediately respond to Reuters requests for comment.
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