Overview

• BHP sold a 170,000-metric-ton shipment to a Chinese trader on Thursday, with payment in dollars, according to traders with direct knowledge.
• CMRG’s Shanghai branch offered eight BHP cargoes totaling 1.14 million tons to steelmakers, signaling ongoing trade in non-restricted grades.
• Sales of BHP’s Jimblebar fines remain paused, while purchases of other products can proceed with CMRG permission, sources said.
• Talks over iron ore pricing between BHP and CMRG are stalled, and multiple reports indicate the dispute could extend into early 2026.
• BHP has so far avoided major disruption by pre-selling most November–December volumes and offering about 50 cargoes to third parties, with any impact expected to be clearer when January sales begin.