Key facts
- China's state iron ore buyer, CMRG, has instructed some steel mills to refuse delivery of specific Fortescue iron ore products.
- The affected products are Fortescue's Super Special Fines and Fortune Fines, both lower-grade iron ore.
- The directive is set to take effect from July 15.
- Fortescue is currently in negotiations with CMRG over supply terms.
- Fortescue's Super Special Fines stock at Chinese ports was 7.22 million tons as of June 30.
China's state iron ore buyer, China Mineral Resources Group (CMRG), has instructed some domestic steel mills not to accept delivery of specific portside iron ore products from Australian miner Fortescue, according to industry sources. The directive, which is verbal, applies to Fortescue's Super Special Fines and Fortune Fines, both lower-grade iron ore products, and is set to take effect from July 15.