Is China turning its back on BHP’s iron ore? | The Business | ABC NEWS
Mining giant BHP’s share price has slipped on both the Australian and London stock exchanges (ASX and LSE), after Bloomberg reported China’s state iron ore buyer had slapped a temporary ban on importing BHP’s iron ore. The world’s biggest miner says it won’t comment on commercial negotiations but the Australian government has acknowledged it’s concerned about the reports and disappointed by any restriction on markets. Economic futurist Evan Lucas says it is a confusing picture for investors but it is clear BHP is going through a very large round of price negotiations regarding mid-tier iron ore. He also says there is no doubt that at this point, both BHP and China, still need each other.
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