{"id":46320,"date":"2022-07-26T16:48:22","date_gmt":"2022-07-26T20:48:22","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/china-wants-to-rewire-its-billion-ton-iron-ore-trade\/"},"modified":"2022-07-26T16:48:22","modified_gmt":"2022-07-26T20:48:22","slug":"china-wants-to-rewire-its-billion-ton-iron-ore-trade","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/china-wants-to-rewire-its-billion-ton-iron-ore-trade\/","title":{"rendered":"China wants to rewire its billion-ton iron ore trade"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08ff31cbeda]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08ff31cbeda'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">China wants to rewire its billion-ton iron ore trade<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff31d3121'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">July 26, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff31d5a95'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Alfred Cang. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>China has embarked on one of the biggest shake-ups of the global iron-ore market in more than a decade. A newly\u00a0minted\u00a0state-owned group will be a hub for everything from huge mine investments in West Africa to buying the steelmaking material from international suppliers. It comes amid pandemic-related disruptions and rising geopolitical tensions that have highlighted threats to supply chains and made resource security a major focus for President Xi Jinping. Mining giants\u00a0Rio Tinto Group,\u00a0BHP Billiton\u00a0and\u00a0Vale SAwill be looking to understand exactly what China is now planning for them.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">View all of our commodities solutions<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5006936083856404244\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/corporations\/commodities\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>What is the new company?<\/h2>\n<p>China Mineral Resources Group was established July 19 in Xiongan &#8212; President Xi Jinping\u2019s greenfield city in Hebei province &#8212; with a registered capital of 20 billion yuan ($3 billion). That puts it in the same league as China\u2019s national\u00a0oil and gas pipeline company, or the state-owned aviation king,\u00a0Comac. The group\u2019s mandate covers mining, ore processing and trading. Bloomberg News has\u00a0reported\u00a0it will manage overseas investments including the giant\u00a0Simandou project\u00a0in Guinea, which China sees as crucial for reducing its reliance on Australian ore, and eventually become the main or sole channel for buying ore.<\/p>\n\n<\/div>\n<div class=\"bbg-oembed -bbg-twitter\" data-provider=\"bbg-twitter\" data-base-url=\"https:\/\/publish.twitter.com\/oembed\" data-query-string=\"maxwidth=500&amp;maxheight=750&amp;format=json&amp;url=https%3A%2F%2Ftwitter.com%2FQuicktake%2Fstatus%2F1541111817161809920\"><\/div><br \/>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>What\u2019s the plan?<\/h2>\n<p>The goal is to tackle what Beijing says is a power imbalance between a clutch of global mining giants on the one hand and China\u2019s vast but fragmented steel industry on the other. China imports 1.1 billion tons of iron ore annually, at a cost in 2021 of about $180 billion. There are about 500 steel mills in China, of which the top 10 companies only contribute 40% of the national output production. Each of the individual steel plants are responsible for buying their own raw materials, while iron ore supply by contrast is highly concentrated. By centralizing purchasing, China aims to gain more clout with suppliers over pricing.<\/p>\n<h2>Why now?<\/h2>\n<p>People familiar with the matter have told Bloomberg that the company\u2019s creation was encouraged and closely monitored by top leaders in Beijing. They see a consolidated platform for buying resources as a way to strengthen the country\u2019s negotiating position in an unfriendly international environment. Chinese leaders have repeatedly accused the US and its allies, including Australia, of ganging up to try to suppress China\u2019s\u00a0global rise. As of last year, Australia was responsible for\u00a0more than 60%\u00a0of China\u2019s imports of iron ore, despite\u00a0deteriorating relations\u00a0between the two countries.<\/p>\n<h2>Who\u2019s at the helm?<\/h2>\n<p>A mini \u201cwho\u2019s who\u201d of China\u2019s mining and metals industry.\u00a0Yao Lin, former chairman of Aluminum Corp. of China, or Chinalco, will be chairman. General manager is\u00a0Guo Bin, executive vice president of\u00a0China Baowu Steel Group Co., which as the country\u2019s top steelmaker is a huge iron ore consumer. Others include current and former officials at\u00a0Ansteel Group,\u00a0MMG Ltd\u00a0and the National Development and Reform Commission, China\u2019s economic planning agency.<\/p>\n<h2>What are the numbers?<\/h2>\n<p>A mini \u201cwho\u2019s who\u201d of China\u2019s mining and metals industry.\u00a0Yao Lin, former chairman of Aluminum Corp. of China, or Chinalco, will be chairman. General manager is\u00a0Guo Bin, executive vice president of\u00a0China Baowu Steel Group Co., which as the country\u2019s top steelmaker is a huge iron ore consumer. Others include current and former officials at\u00a0Ansteel Group,\u00a0MMG Ltd\u00a0and the National Development and Reform Commission, China\u2019s economic planning agency.<\/p>\n<h2>What are the numbers?<\/h2>\n<p>Since the top executives of the new company came from the top two steelmakers in the country, it\u2019s expected that it would import iron ore on their behalf. Baowu and Ansteel jointly produce over 230 million tons of steel a year and are expanding by merging with rivals. That indicates that the new company will likely import at least 460 million tons of iron ore a year, or more than 40% of the Chinese total. In addition, the inclusion of Simandou gives the new group responsibility for one of the world\u2019s biggest and most important new mines, which Rio has estimated could produce\u00a0100 million tons\u00a0of ore a year.<\/p>\n<h2>What\u2019s the back story?<\/h2>\n<p>Prior to 2010, iron ore prices were fixed for a whole year in annual talks led by the biggest miners and the biggest steelmakers in Europe and Asia. But the rapid expansion of Chinese demand in the early 2000s spurred the creation of a separate spot market that was often way out of whack with annual prices. Annual negotiations became increasingly fraught, and BHP spearheaded the move to floating prices that\u2019s been in place since. China\u2019s steel industry regularly complains about the market mechanism, especially when prices are high. Beijing\u2019s push for centralized purchasing also carries echoes of the even more distant past, when only designated trade agencies were allowed to import raw materials.<\/p>\n<h2>What do the miners say?<\/h2>\n<p>Any attempt to reshape this trade will have ramifications for companies like BHP and Rio, which get more than half their revenue from iron ore. So far, though, the miners haven\u2019t sounded any alarm publicly. BHP Chief Financial Officer David Lamont told a\u00a0business forum\u00a0in Melbourne that his company believes markets will sort out where the price needs to be based on supply and demand, according to The Australian. Fortescue CEO Elizabeth Gaines said her company will continue to optimize distribution channels to meet the needs of China\u2019s steel industry. Rio Tinto has declined to comment. Meanwhile, Philip Kirchlechner, director of Iron Ore Research in Perth, suggested that if a buying cartel were established, suppliers might decide to form a cartel of their own, like an\u00a0OPEC\u00a0of iron ore.<\/p>\n<h2>Are there precedents in other commodities?<\/h2>\n<p>Sort of. China has more informal\u00a0purchasing groups\u00a0in some sectors. The big state-owned oil refiners including Sinopec have been buying crude together for two years, collectively issuing bids for certain Russian and African grades. Copper smelters including Jiangxi Copper Co., have a group which collectively negotiates raw materials contracts with BHP and other miners. It\u2019s got more than 10 members, accounting for more than 80% of imports. But this is still well short of a separate legal entity charged with being a middle-man for the industry.<\/p>\n<h2>Will it work?<\/h2>\n<p>That\u2019s debatable, and depends on just what the goals are. Channeling all of China\u2019s iron ore imports through one entity would be a gargantuan task. And history has shown difficulties with centralized trade, including corruption and other inefficiencies. And even if China charges this new iron ore champion with buying for, say, three or four of the top producers, that wouldn\u2019t necessarily have much bearing on spot prices. Skeptics will argue supply and demand is more important.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08ff31dbfc6]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08ff31dbfc6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a08ff31debf2'] = 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decade.<\/p>\n","protected":false},"author":1820,"featured_media":40598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"540","footnotes":""},"categories":[540],"tags":[735,451,574],"series":[],"class_list":["post-46320","post","type-post","status-publish","format-standard","hentry","category-commodities","tag-735","tag-corporations","tag-news","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China wants to rewire its billion-ton iron ore trade | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"China has embarked on one of the biggest shake-ups of the global iron-ore market in more than a decade.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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