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By Praveen Menon and Siyi Liu
SYDNEY/BEIJING, July 21 (Reuters) - China's plan to centralise iron ore purchases has prompted questions whether the move could hit the bottomlines of global mining giants, such as Australia's Rio Tinto and BHP Group.
China, exposed to international prices of the steelmaking raw material as it must import nearly 80% of its annual consumption of about 1.2 billion tonnes, launched a new state-backed resources company on Tuesday.
The China Mineral Resources Group, w...
>>> Read more: Australian iron ore miners cautious on China's plan to centralise buying
SYDNEY/BEIJING, July 21 (Reuters) - China's plan to centralise iron ore purchases has prompted questions whether the move could hit the bottomlines of global mining giants, such as Australia's Rio Tinto and BHP Group.
China, exposed to international prices of the steelmaking raw material as it must import nearly 80% of its annual consumption of about 1.2 billion tonnes, launched a new state-backed resources company on Tuesday.
The China Mineral Resources Group, w...
>>> Read more: Australian iron ore miners cautious on China's plan to centralise buying
