China Lifts Ban on BHP's Iron Ore Amid Industry Shake-Up

China, the largest consumer of iron ore globally, has lifted its bans on purchasing from BHP Group, ending a longstanding dispute. This follows negotiations and a recent visit by BHP executives to China. The decision impacts the iron ore market by potentially altering supply dynamics and pricing.

China has ended its ban on purchasing iron ore from BHP Group, resolving a months-long standoff, according to sources familiar with the issue, who spoke to Reuters.

China Mineral Resources Group (CMRG) has informed domestic steel mills that they can now proceed to buy BHP's seaborne cargoes, following recent negotiations and a visit by BHP executives to the country.

The lifting of this ban opens the market, potentially altering supply and pricing dynamics as Chinese steelmakers resume purchasing BHP's iron ore products previously restricted.

(With inputs from agencies.)