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Iron ore the new pawn in global geopolitics as China pushes yuan payments
Swirling market chatter has circulated this week of possible new pricing options in continuing term contract negotiations between a major state-owned buyer and a major iron ore miner, even as the former was heard to have instituted an import ban on all of the latter’s iron ores. “The term contract negotiation is at a standoff because buyer and seller cannot reach an agreement on prices and the settlement currency,” a market source in Southeast Asia told Fastmarkets. According to the Jiangsu Iron and Steel Industry Association’s WeChat account, China’s steel industry has been pushing for two key appeals in ... (full story)
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