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Xi's Giant Iron Ore Trader Is Shaking Up a $130 Billion Market
By and Alfred Cang
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Just three years after its founding, a Chinese government-run trader has become the single biggest force in the country's $130 billion market for iron ore imports.
The rise of China Mineral Resources Group Co. has allowed it to tame one of the world's wildest commodities markets — sending volatility in iron ore futures to a record low. It's also playing a role in negotiations with global mining companies, potentially shifting the balance of power between China's vast steel industry and major suppliers like Rio Tinto Group and BHP Group.
