What specific Fortescue iron ore products has China Mineral Resources Group (CMRG) restricted domestic steel mills from accepting, and when did the restriction take effect?

China Mineral Resources Group (CMRG) verbally instructed some domestic steel mills not to take delivery of Fortescue's portside cargoes of Super Special Fines and Fortune Fines—both lower-grade iron ore products—effective from July 15, according to five industry sources with knowledge of the matter.

Why is CMRG restricting Fortescue’s iron ore deliveries, and how does this fit into Beijing’s broader strategy for iron ore procurement?

The restriction is part of CMRG’s campaign to assert control over how iron ore enters the Chinese market, following a prior months-long standoff with BHP that ended in April; CMRG was established in 2022 as part of Beijing’s effort to centralize iron ore procurement and secure better terms from upstream mining giants.