人民币拿下澳洲铁矿，二十年憋屈终翻身

Core Viewpoint - BHP, Australia's largest iron ore company, has agreed to settle transactions in RMB, marking a significant shift in China's position in the global iron ore market and reflecting two decades of efforts to gain pricing power [1][6]. Group 1: Market Dynamics - China, as the largest buyer of iron ore, previously faced high prices set by miners, with costs rising from less than $20 per ton to over $200, while steel mills operated on profit margins below 1% [3]. - The establishment of the China Mineral Resources Group in 2022 consolidated purchasing power, allowing China to negotiate better terms with major suppliers [3][6]. - Major suppliers like Vale from Brazil and Rio Tinto have already begun accepting RMB for transactions, indicating a trend towards greater acceptance of the Chinese currency in global trade [3][4]. Group 2: Strategic Developments - China's acquisition of mining rights in Guinea's Simandou iron ore project, which has high-grade ore and significant reserves, is expected to produce an annual output that matches BHP's total sales to China [4]. - The shift towards electric arc furnace technology, which utilizes scrap steel instead of iron ore, is reducing China's dependence on imported iron ore, with annual scrap steel recycling reaching 400 million tons [6]. Group 3: Negotiation Outcomes - During negotiations in August, China proposed a price of $82 per ton in RMB, while BHP initially insisted on $109.5 in USD. After a week of halted purchases, BHP conceded to China's terms [6]. - The acceptance of RMB by BHP not only simplifies transactions for Australia but also allows them to purchase Chinese goods directly, enhancing bilateral trade [6]. Group 4: National Strength and Future Outlook - The successful negotiation reflects China's enhanced national strength and its transition from being a passive price taker to an active participant in setting market prices [6][8]. - This development symbolizes a broader shift in China's role from a "world factory" to a "rule maker," indicating a significant evolution in its economic strategy [6][8].