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CMRG Tells Steelworks to Pause New Rio Tinto Iron Ore Purchases

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China’s state-owned iron ore purchasing agency, China Mineral Resources Group (CMRG), has advised steelworks to refrain from buying Rio Tinto’s Pilbara Blend ore while negotiations with the Australian mining giant reach a critical stage. CMRG says it is acting to consolidate procurement and strengthen Beijing’s influence on key raw-material pricing. China is close to 60% of Rio Tinto revenue.

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