In a significant move to strengthen its influence over global iron ore pricing, the Chinese government has introduced new regulations that require all iron ore importers to register with the Beijing International Mining Exchange (CBMX) in order to obtain import permits. This initiative marks another step in China's effort to gain more control over the iron ore market and shift from spot pricing to a more centralized trading system.
According to recent data, China accounts for roughly two-thirds of the world’s seaborne iron ore trade, making it a key player in global supply chains. After the 40-year-old annual pricing mechanism collapsed in 2010, China shifted to a more volatile spot pricing model, which led to greater uncertainty for both miners and steelmakers. Now, with these new rules, the country is aiming to regain leverage by centralizing transactions through CBMX.
Under the new policy, importers—whether steel mills or traders—must conduct at least 551,155 tons of iron ore transactions on the CBMX platform to qualify for import licenses. Additionally, only Chinese companies are now eligible to apply for these permits, effectively excluding foreign traders from the process. This shift could significantly boost the liquidity and prominence of the CBMX, which competes with platforms like Singapore-based GlobalOre.
Several major global mining companies, including Rio Tinto, BHP Billiton, and Vale, as well as Chinese steel giant Baoshan Iron and Steel, are members of both CBMX and GlobalOre. However, the new rules may push more business toward the domestic exchange, giving it a competitive edge.
This regulatory change comes after the National Development and Reform Commission (NDRC) filed a lawsuit against the three largest iron ore miners and several dealers earlier this year. The NDRC accused them of manipulating the market, causing iron ore prices to surge from a three-month low in September last year to $145 per ton in February this year—an increase of over 80%.
Sources close to the matter suggest that traders are already adapting to the new rules, with many planning to increase their activity on the CBMX platform to secure import permits. As China continues to reshape the global iron ore landscape, these changes signal a growing trend toward domestic control and strategic positioning in the commodity markets. The rechargeable fan is a portable device. It is usually composed of plastic parts such as a shell, batteries, circuit control boards, DC motors, lamps, and cables. It is easy to carry and use. It is suitable for outdoor cooling, vehicle and ship carrying, camping, power failure emergency, temporary operations and other occasions without power supply .
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