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Market Chatter: Chinese Iron Ore Buyer CMRG Reportedly Tells Steel Millers to Stall Talks with Rio Tinto for September Cargoes

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China Mineral ​Resources Group instructed steel mills in China to delay negotiations with Australian mining giant Rio Tinto (ASX:RIO) for shipments starting in September, Reuters reported Thursday, citing unnamed sources.

The latest move from the Chinese state-owned iron ore purchaser, which is believed to be negotiating the purchase of more than half of China's annual iron ore volumes, is reportedly a way to put pressure on some mills to give CMRG negotiation rights for procurement deals.

Rio Tinto did not immediately respond to a request for comment from, while CMRG could not be reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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