BHP Strikes Iron Ore Deal With China After Months of Talks

BHP Group has struck a supply deal with China’s state-backed iron ore buyer, ending a months-long standoff between a vital consumer and the world’s largest miner that has roiled markets and hampered steel mills’ access to key products.

China Mineral Resources Group Co. — established as part of Beijing’s plan to increase its influence in global commodities markets — took on BHP toward the end of last year after negotiations over long-term supply contracts faltered. Restrictions on purchases of the miner’s output steadily increased, supporting prices.