China’s state-run iron ore buyer has told major steelmakers and traders to temporarily halt purchases of all new BHP cargoes, widening an earlier curb as contract talks have stalled, according to people familiar with the matter.

China Mineral Resources Group, created by Beijing to bolster the country’s sway in the global iron ore trade, asked domestic buyers this week to suspend purchases of any US-dollar-denominated seaborne cargoes from the Australian miner, the people said, asking not to be identified discussing private deliberations.

The decision followed several meetings between the two sides since late last week that failed to produce results, they said. CMRG didn’t respond to requests for comment. A BHP spokesperson said the company couldn’t comment on commercial arrangements.

BH

See Full Page