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Market Chatter: Fortescue Hit With Additional Curbs by Chinese State-Backed Iron Ore Buyer

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Fortescue (ASX:FMG) has been hit with additional restrictions from China Mineral Resources Group, the state-backed iron ore buyer that negotiates with global miners on behalf of the Chinese government, Bloomberg reported Friday, citing anonymous sources familiar with the matter.

China Mineral Resources earlier set a July 15 deadline for steelmakers and traders to take delivery of portside Super Special Fines product from Fortescue. It has now told a number of domestic steel mills not to buy any new, US dollar-denominated consignments of Super Special Fines, according to the report.

The reported development comes amid an impasse in price talks between Fortescue and China over long-term supply deals.

Fortescue declined to comment on the matter in response to a query from. The company's shares gained nearly 2% in recent Monday trade after hitting a year-to-date low on Friday.

(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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