China Mineral Resources Group, Rio Tinto join hands to build sustainable industrial supply chain

China Mining Resources Group is willing to establish a strategic partnership with Rio Tinto Group to jointly build a safe, efficient, and sustainable industrial supply chain system to serve the high-quality development of the steel industry.

Rio Tinto Group has always placed a high value on its partnerships with Chinese businesses, making the creation of the China Mining Resources Group a significant development, sources in China said.

The route from the Yangtze River's mouth to going upstream, the first stop, is intriguing and significant. It may be noted here that China Mining Resources Group launched intensive visits as soon as it was established, beginning with Baowu Group, then private steel representatives from Jiangnei in "Sha, Zhong and Yong," as well as Nanjing Iron and Steel and Hunan Iron and Steel Group.

Except for those near the Yangtze River's mouth, such Baowu Group and Ningbo Iron and Steel, all of the steel mills in Jiangngei essentially rely on second-way ships to transport the iron ore from the harbour. A stronger need exists for iron ore deposits due to their stability, high cost, and long-term steel mill.

Meanwhile, Rio Tinto is still aiming for 320-335 million tonnes of iron ore shipments for the entire year. It is important to note that Vale reduced its yearly iron ore export estimate from 320-335 million tonnes at the beginning of the year to 310-320 million tonnes in July. Because of this, Rio Tinto Group has ascended to the top producer of the world.

In terms of supply, use, and application in Chinese steel mills, Rio Tinto's PB powder has consistently had a leadership position in the mid-grade ore market. The most significant reference ore objectives and pricing foundation for Singapore swaps and the iron ore US dollar index are PB powder and its transaction price.

On the basis of this, future collaboration between Rio Tinto Group and China Mining Resources Group is recommended. Public disclosure of the precise collaboration material is likely to take place soon.