The world-class Simandou iron ore mine has officially commenced production, giving China greater influence in global iron ore pricing

The world-class iron ore Ximangdu project officially commenced production on November 11, with reserves exceeding 4.4 billion tons and an iron grade of 65%. The project is led by Chinese enterprises, with deep participation from China Aluminum Group and China Baowu Steel Group. The commencement of production will break the monopoly of the three giants: Rio Tinto, BHP, and Vale SA. Analysts point out that "China has never had such a level of pricing power for seaborne iron ore."