China formally established the China Mineral Resources Group on 19 July 2022, creating a state-backed central buyer for iron ore. The new company, known as CMRG, was registered with 20 billion yuan of capital and led by Yao Lin, the former chairman of Aluminium Corporation of China, with Guo Bin, an executive vice president of China Baowu Steel Group, as a senior manager. Its mandate is to centralise iron ore purchasing for China's steel mills, giving the country more bargaining power over prices charged by the big four miners, Vale, Rio Tinto, BHP and Fortescue, which together control about 70 percent of the seaborne market. China buys more than a billion tonnes of iron ore a year, about 70 percent of world seaborne trade, yet its roughly 500 mills had each negotiated separately. The group will also manage overseas mining projects, including the giant Simandou iron ore project in Guinea.
Source: Splash247 — https://splash247.com/china-mineral-resources-group-launches-as-beijing-attempts-to-assert-dry-bulk-control/
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