India takes rare cargo of BHP iron ore banned by China

Reuters

Yesterday

India takes rare cargo of BHP iron ore banned by China

March 18 (Reuters) - A cargo of BHP's BHP.AX Jimblebar Fines iron ore is heading to India in a rare sale driven by discounts on the product that was banned for sale in China, the world's largest buyer, as part of a contract dispute with the miner.

The vessel True Champion is carrying some 172,000 metric tons of Jimblebar Fines to Jaigarh in India, according to Kpler data. The buyer is JSW Steel, according to a source briefed on the sale
True Champion was destined for China on March 9, Kpler data showed, before changing its destination to Singapore and then India over the course of the last week
China's state iron ore buyer CMRG barred steelmakers and traders from purchasing Jimblebar fines in September, and has progressively expanded its restrictions to other products as it negotiates the terms of BHP's 2026 supply contract
CMRG relaxed the ban for a week last Friday, allowing steelmakers to buy Jimblebar cargoes already at Chinese ports. Seaborne cargoes are still banned

(Reporting by Reuters staff, Editing by Louise Heavens)

((lewis.jackson@thomsonreuters.com; +86 139 1179 6497; Reuters Messaging: Wechat: LewisJackson92))

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The buyer is JSW Steel, according to a source briefed on the saleTrue Champion was destined for China on March 9, Kpler data showed, before changing its destination to Singapore and then India over the course of the last weekChina's state iron ore buyer CMRG barred steelmakers and traders from purchasing Jimblebar fines in September, and has progressively expanded its restrictions to other products as it negotiates the terms of BHP's 2026 supply contractCMRG relaxed the ban for a week last Friday, allowing steelmakers to buy Jimblebar cargoes already at Chinese ports. 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