China's CMRG asks some traders to buy iron-ore on its platform, sources say
China's State-run iron ore buyer has asked some domestic traders to buy cargoes on its own trading platform, sources said, in a move to reinforce its control over trading and pricing of the key steelmaking ingredient.
China Mineral Resources Group (CMRG) told about a dozen traders at a meeting on Thursday to buy iron-ore cargoes through the online platform created by the state company, said three sources with knowledge of the matter who spoke on condition of anonymity.
CMRG, created in 2022 to give Beijing more pricing power in the iron-ore market where China is the top consumer, wants more transactions on its platform to increase its visibility into prices, said one of the sources.
CMRG did not immediately respond to a request for comment.
Traders usually buy iron-ore directly from miners or via public trading platforms such as Corex and globalORE. Steelmakers are the CMRG platform's main users to procure cargoes.
The State-owned buyer did not give meeting attendees many details, including when those traders should start using the platform, the sources said.
"It would be difficult to push traders to do that in the near term, as CMRG does not have that many volumes of cargoes that could accommodate all needs at the moment," said a second source.
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