The ASX lifted on Wednesday despite Australia’s largest miner taking a significant hit over reports the company’s iron ore has been banned from China.

The index is up 0.2 per cent after the first 50 minutes of trading.

Bloomberg reported on Tuesday that China’s state iron ore buyer China Mineral Resources Group has temporarily banned the purchasing of BHP’s iron ore shipments from Western Australia’s Pilbara region.

Chinese commodity firm MySteel has disputed the story, saying it has "verified through relevant channels and confirmed this rumour is not true".

“Mysteel has verified through relevant channels and confirmed that this rumour is not true,” an English translation of a flash news item read, according to the Australian Financial Review.

“Chinese steel mills have not received an

See Full Page