Interesting find Praetor. RMB settlement may be part of the...

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bruceleroy

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28/07/22

17:11

Post #: 62787491
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Originally posted by Praetor: ↑

http://www.china.org.cn/business/2022-07/27/content_78343211.htm

In 2021, China imported 1.12 billion metric tons of iron ore, with 82.8 percent from Australia and Brazil.The global iron ore market has been highly concentrated by the top four mining companies-Rio Tinto, Vale SA, BHP and Fortescue Metals Group-all of whom account for nearly 70 percent of global exports, the report said.

Rio Tinto said it is looking forward to cooperating with the newly founded China Mineral Resources Group "to understand more". The Australian metals and mining giant said it is willing to continue working with customers, suppliers and industry stakeholders in China to improve the company's products and services to meet evolving customer needs."Examples include technical collaboration to support our customers' decarbonization aspirations, expanded iron ore sales to ports in China, sales of iron ore via a WeChat app and leading the industry in completing fully paperless end-to-end transactions using blockchain technology, some of which include yuan settlement," said a Rio Tinto spokesperson.

Interesting.

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Interesting find Praetor. RMB settlement may be part of the grand scheme of dedollarization that will be more prevalent in global commodity trades whether it's oil, gas, coal, iron ore or base metals. The BRICS countries are all on board. LOL

I wouldn't be surprised if iron ore suppliers willing to settle in RMB will get preferential treatment in terms of purchasing commitment as well as a premium in the purchase price above the USD equivalent as incentives.

Once China has a big say and bargaining power in iron ore pricing after Simandou and the ANS Bestway
projects start production, China may even demand RMB settlement in a take it or leave it manner. LOL

Go ANS !

ANS Price at posting: 1.7¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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Interesting find Praetor. RMB settlement may be part of the...

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