Still looking out for indications...China consumes 70% of the...

Still looking out for indications...

• China consumes 70% of the world's seaborne iron ore – a market trading 1.5 billion mt/year. (China = 1.05B)

• The world's largest steelmaker, China is more than 80% dependent on imports of the primary steelmaking ingredient, and decarbonization means steelmakers now need higher-quality, premium-priced iron ore at the most economical prices possible.

• China's desire, as the largest importer of seaborne iron ore, to have stronger influence in pricing (via CMRG) is understandable

Source: https://www.spglobal.com/commodityinsights/en/market-insights/blogs/metals/033123-china-iron-ore-agency-strikes-deals-but-supply-demand-factors-still-dominate-pricing
Clearly, we're waiting on turning those non-binding agreements into binding agreements.