Baosteel conducts yuan-denominated deal with Rio Tinto
SHANGHAI, May 12 (Xinhua) — Baoshan Iron & Steel Co., Ltd., known as Baosteel, on Tuesday said it has recently made its first yuan-denominated iron ore purchase worth over 100 million yuan (about 14.1 million U.S. dollars) with Australian mining giant Rio Tinto.
The subsidiary of China Baowu Steel Group Corporation Limited said the cross-border Renminbi (RMB) settlement was supported by blockchain technology.
With the latest transaction, the major Chinese steel giant has realized cross-border Renminbi settlements in the iron ore trade with all of the world’s three largest iron ore producers.
Baosteel concluded its first cross-border RMB settlement with Brazil’s Vale in January and with Australia’s BHP in April.
With increasingly improved transaction procedures, Baosteel’s RMB cross-border settlement of imported iron ore has begun to transition from trial deals to a certain amount of settlements on a regular basis.