Xi’s giant iron-ore trader is shaking up a $130bn market
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Update time : 2025-06-20 15:56:22
The rise of China Mineral Resources Group (CMRG) has allowed it to tame one of the world’s wildest commodities markets — sending volatility in iron-ore futures to a record low. It’s also playing a role in negotiations with global mining companies, potentially shifting the balance of power between China’s vast steel industry and major suppliers like Rio Tinto and BHP.
CMRG is transforming a market that has been a thorn in the side of Chinese leaders for 15 years. Now its clout is such that its stockpiles have become akin to a national reserve, to be released when steelmakers are struggling or built up when prices are cheap, according to people familiar with its activities, who declined to identified discussing a sensitive matter.
