The world’s top listed miner BHP Group said on Tuesday it had made its first yuan-denominated sale of iron ore to China Baoshan Iron & Steel Co Ltd, known as Baosteel, and would explore using blockchain for such transactions in future.
The deal, worth nearly 100-million yuan ($14.1-million), shows the Chinese currency is making further inroads in iron ore trade after Baosteel, the listed arm of the world’s biggest steelmaker China Baowu Steel Group, bought for iron ore from Brazil’s Vale SA in yuan in January.