Could Rio Tinto, BHP Ally to Defend Iron-Ore Pricing Power? -- Market Talk

Dow Jones

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The newfound influence of state-backed iron-ore buyer China Mineral Resources Group "may have unintentionally reopened the strategic logic" for some cooperation between miners Rio Tinto and BHP in Australia's Pilbara, RBC Capital Markets analyst Kaan Peker says in a note. "Once unthinkable, now potentially pragmatic," Rio and BHP could consider a "narrowly structured and compliance-driven" alliance to protect their power in iron-ore supply negotiations, Peker says. CMRG, formed three years ago, today coordinates procurement for more than 85% of China's steel capacity. Peker reckons a "JV-light" approach focused on logistics, blending and decarbonization "could dilute the CMRG's influence, defend the Pilbara premium and maintain control over benchmark price formation." It could also have margin and capital expenditure benefits, he adds. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

October 19, 2025 19:09 ET (23:09 GMT)

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CMRG, formed three years ago, today coordinates procurement for more than 85% of China's steel capacity. Peker reckons a \"JV-light\" approach focused on logistics, blending and decarbonization \"could dilute the CMRG's influence, defend the Pilbara premium and maintain control over benchmark price formation.\" It could also have margin and capital expenditure benefits, he adds. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 19, 2025 19:09 ET (23:09 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Could Rio Tinto, BHP Ally to Defend Iron-Ore Pricing Power? -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCould Rio Tinto, BHP Ally to Defend Iron-Ore Pricing Power? -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-10-20 07:09</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  The newfound influence of state-backed iron-ore buyer China Mineral Resources Group \"may have unintentionally reopened the strategic logic\" for some cooperation between miners <a href=\"https://laohu8.com/S/RTNTF\">Rio Tinto</a> and BHP in Australia's Pilbara, RBC Capital Markets analyst Kaan Peker says in a note. \"Once unthinkable, now potentially pragmatic,\" Rio and BHP could consider a \"narrowly structured and compliance-driven\" alliance to protect their power in iron-ore supply negotiations, Peker says. CMRG, formed three years ago, today coordinates procurement for more than 85% of China's steel capacity. Peker reckons a \"JV-light\" approach focused on logistics, blending and decarbonization \"could dilute the CMRG's influence, defend the Pilbara premium and maintain control over benchmark price formation.\" It could also have margin and capital expenditure benefits, he adds. 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CMRG, formed three years ago, today coordinates procurement for more than 85% of China's steel capacity. Peker reckons a \"JV-light\" approach focused on logistics, blending and decarbonization \"could dilute the CMRG's influence, defend the Pilbara premium and maintain control over benchmark price formation.\" It could also have margin and capital expenditure benefits, he adds. 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CMRG, formed three years ago, today coordinates procurement for more than 85% of China's steel capacity. Peker reckons a \"JV-light\" approach focused on logistics, blending and decarbonization \"could dilute the CMRG's influence, defend the Pilbara premium and maintain control over benchmark price formation.\" It could also have margin and capital expenditure benefits, he adds. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 19, 2025 19:09 ET (23:09 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}