The novel coronavirus (2019-nCoV) is set to accelerate what the trade wars started: the diversification of global supply chains.

China has become the savior of the global steel market, with its big appetite and high domestic prices supporting the international ferrous supply chain amid the Covid-19 pandemic.

What does Barrick Gold, the world’s largest gold miner, have in common with Rio Tinto, the world’s second-largest iron ore producer? Quite a lot, as it became clear this week.

Certain steel mills in China have agreed to take contracted lump from BHP Billiton using a monthly pricing scheme, after failing to agree on a quarterly premium, sources told Steel First.

Physical iron ore markets continued to strengthen on Friday May 17, with the seaborne price breaching $100 per tonne cfr China for the first time in five years amid bullish futures.

The iron ore market has been on a general uptrend so far in 2019, with prices hitting their highest levels since late April 2014. The market has been focused on the effects exerted by the supply side and especially China’s restrictions on blast furnace operations, which may have the greatest influence on prices.

Here are five Fastmarkets MB stories you might have missed on Thursday June 27 that are worth another look.

The latest news and price moves to start the Asian day on Thursday May 24.

Shares in EMED Mining jumped as much as 20% on Friday January 23 after a news bulletin on Spanish radio indicated that the company was about to receive final permitting to restart the Rio Tinto copper mine.

China Beijing International Mining Exchange (CBMX) said it will transfer its physical iron ore trading platform to the newly-formed Beijing Iron Ore Trading Center Corporation (Corex).