BHP and China Resolve Iron Ore Dispute, Impacting Global Prices
Iron ore prices have increased following the resolution of a contract dispute between BHP Group, the world's third-largest iron ore supplier, and the China Mineral Resources Group (CMRG), the state iron ore buyer. The dispute had previously led to a ban on procurement from BHP by CMRG. The resolution comes after BHP executives visited China, leading to the lifting of the ban. As a result, the most-traded iron ore contract on China's Dalian Commodity Exchange rose by 0.32% to 786.5 yuan per metric ton, while the benchmark May iron ore on the Singapore Exchange increased by 0.28% to $107.2 per ton. This price movement is supported by robust demand from Chinese steelmakers who are restocking ahead of the May Day holiday. 
