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Baosteel conducts yuan-denominated deal with Rio Tinto

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Reference:CGTN| Updated: 8 May 2020

Baoshan Iron & Steel Co., Ltd., known as Baosteel, on Tuesday said it has recently made its first yuan-denominated iron ore purchase worth over 100 million yuan (about 14.1 million U.S. dollars) with Australian mining giant Rio Tinto.

The subsidiary of China Baowu Steel Group Corporation Limited said the cross-border Renminbi (RMB) settlement was supported by blockchain technology.

It did not disclose the grade of iron ore or how much tonnage it had bought.

With the latest transaction, the major Chinese steel giant has realized cross-border Renminbi settlements in the iron ore trade with all of the world's three largest iron ore producers.

Baosteel concluded its first cross-border RMB settlement with Brazil's Vale in January and with Australia's BHP in April.

With increasingly improved transaction procedures, Baosteel's RMB cross-border settlement of imported iron ore has begun to transition from trial deals to a certain amount of settlements on a regular basis.

Last month, China's second-largest steelmaker, HBIS Group, also announced that it had secured a combined 200 million yuan worth of iron ore deals with Vale denominated in Yuan.

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