Fortescue has warned that China’s strong-arm price-negotiation tactics could force the miner to cut production, with 30 per cent of its October iron ore production expected to be stockpiled while the deadlock continues.
The world’s fourth-largest iron ore miner sells almost all of its iron ore to China but has run afoul of the China Mineral Resources Group, Beijing’s central buying agency, which has reportedly ordered steel mills to reject some Fortescue products until a new pricing deal is agreed.
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