Fortescue chair calls for fair negotiations with China
MELBOURNE – Fortescue founder Andrew Forrest called for China and Australia to "always negotiate fairly," at an event in Perth on Monday, as the world's fourth-largest iron-ore maker negotiates annual supply terms with its biggest customer.
Global iron-ore miners have faced increasing resistance from China's state iron-ore buyer, China Mineral Resources Group (CMRG) in annual supply talks over the past year as China seeks better terms for its steelmakers.
Measures by CMRG have included restricting China's vast network of steel mills from buying certain iron-ore products from miners while negotiations were underway.
"Bilateral trade has supported Australian jobs, businesses, and public services, and also provided China with a secure and reliable supply of iron-ore that drove its extraordinary, unprecedented, historic, and industrial growth," Forrest, who is also Fortescue's executive chair, told the Boao Forum Perth, an offshoot of the larger Boao Forum for Asia.
Australia is the world's top iron-ore producer, accounting for some 53% of global supply. It expects iron-ore export earnings to fall to A$108-billion ($75.57-billion) in the 2026/27 financial year from A$117-billion last year as global supply rises.
The "shining light of partnership" should encourage Australia, China, and also Gabon, where Fortescue is building more iron-ore operations, to "grow together," he said.
"Let's always negotiate fairly... true partnerships are built on a partnership of the future."
CMRG notified China's domestic steel mills in early July that from July 15 they must not take delivery of Fortescue's Super Special Fines product held at ports.
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