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China has expanded its restrictions on BHP iron ore for the second time in two weeks, intensifying a prolonged contract standoff with the world's third-largest iron ore supplier. The latest directive from China Mineral Resources Group (CMRG), the state-controlled iron ore procurement body, prohibits domestic steel mills and traders from accepting delivery of Newman fines — one of BHP's most widely traded iron ore grades stored at Chinese ports — effective late next week. Affected customers have a five-business-day window to complete existing deliveries before the ban takes hold, according to multiple sources familiar with the matter who requested anonymity.
The escalating restrictions are part of a broader strategy Beijing has employed over the past six months to gain leverage in negotiations over BHP's 2026 supply contract. CMRG initially banned purchases of Jimblebar fines in September, followed by the Jinblebar product in November. Just last week, traders received guidance to reduce new purchases of Newman fines, Newman lumps, and Mac fines, though port-stored inventory was still accessible. The newest ban narrows permissible buying further, limiting transactions to existing port stocks of Newman lumps and Mac fines only.
Market anxiety is spreading rapidly. Traders are rushing to offload BHP iron ore holdings, fearing additional restrictions could render remaining grades unsellable. Portside Newman fines stockpiles reached 3.17 million tons this week — a 55% surge since October — reflecting the inventory buildup driven by the ongoing standoff. In response to supply uncertainty, benchmark April iron ore futures on the Singapore Exchange climbed more than 4% to $108.95, reaching their highest point since January.
BHP has declined to comment, and CMRG has not responded to media inquiries. As negotiations continue, the global iron ore market is watching closely for signs of resolution or further escalation between China and one of its most significant raw material suppliers.
