Prime Minister Anthony Albanese says he's concerned by reports China has temporarily halted new iron ore imports from mining giant, BHP. Analysts say while China will continue to need Australia's iron ore, Beijing's interference in the market could affect future supply.
00:00It may be the world's largest mining company, but it's not immune to China's influence.
00:09I want to see Australian iron ore be able to be exported into China without hindrance.
00:16Reports that China's steelmakers were ordered to pause BHP's new iron ore shipments came amid tense negotiations over the commodity's price.
00:25So for a good and reliable partner to face such weaponisation of trade is very shocking and it is not justified.
00:36I'll set up a conversation with the CEO of BHP about this. Obviously I've seen those reports, they're concerning reports.
00:43Ultimately though they are about the commercial arrangements between two companies.
00:50Pilbara's other big players Rio Tinto, Fortescue Metals Group and Hancock Iron Ore declined to comment on whether they were affected.
00:59BHP remained tight-lipped as its shares fell on Wednesday.
01:03Analysts say Beijing is trying to exert more power over how iron ore is managed, leading to increased tensions between China and individual companies in recent months.
01:13This is clearly a clash of different political and economic systems. And so from time to time we will see trade weaponised again and again, if not in iron ore then in other areas.
01:25WA's Premier says the dispute was not raised during his recent trip to China.
01:30But obviously we are watching very closely because the iron ore that we ship to China is integral to our economy.
01:38It turns weight for Australia's governments and investors alike.
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