BHP's China Jimblebar iron ore stocks rise as trade stalls amid contract talks, sources say
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BHP's Jimblebar iron ore stocks at Chinese ports have surged to a three-month high of 2.6 million metric tons due to stalled trade amid ongoing contract negotiations with China Mineral Resources Group (CMRG). CMRG has advised steel mills not to purchase Jimblebar fines, leading to a 26% increase in stocks at Caofeidian port. Despite the supply squeeze, iron ore prices have dropped nearly 2% this month due to concerns over demand and supply dynamics. BHP maintains that overall demand for iron ore remains strong, emphasizing their ongoing negotiations with CMRG for a new term contract.
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