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China targets iron ore in its fight to dethrone the dollar
From OilPrice.com, London
Wednesday, October 29, 2025
In a landmark move that could reshape global commodity markets and impact iron ore prices, BHP Billiton has agreed to settle 30% of its iron ore spot trades with Chinese buyers in Chinese yuan. This represents a significant departure from the longstanding U.S. dollar standard. Set to begin in Q4 2025, the shift marks a strategic pivot in Australia-China trade relations. It also signals China's growing influence in global pricing mechanisms.
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China's confrontation with BHP over iron ore prices and currency settlement is more than just a commercial dispute. Some observers see it as a calculated maneuver in Beijing's long-term campaign to reshape global trade and financial systems. By pressuring the world's largest mining company to settle in China's own currency, Beijing is testing its ability to erode the dominance of the U.S. dollar and assert greater control over commodity pricing. The RMB-based settlement will cover approximately 88.5 million tons of iron ore annually, worth an estimated US$10 billion.
China Mineral Resources Group issued a directive on September 30 of this year to suspend dollar-denominated purchases from BHP, disrupting shipments and triggering market uncertainty. The dispute centered on ore quality and pricing, but analysts suggest it was a deliberate pressure test to shift settlement norms. ...
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