After 20 Years of Stranglehold, China Finally Turns the Tables on Iron Ore

In early July 2026, China Mineral Resources Group notified domestic steel mills not to withdraw two iron ore products from FMG, resulting in 7.22 million tons of ore being frozen. Previously, FMG's new products were rejected, and in April, BHP Billiton compromised, raising the proportion of RMB settlement to over 50%, marking a major breakthrough for China in iron ore negotiations.