ADELAIDE, Australia—Some of the world’s largest iron-ore miners said they expect the market to continue dictating prices of the commodity despite China setting up a centralized buying group to try to gain more sway.
China Mineral Resources Group was established by Beijing this month as part of a drive to secure more control over resources needed for the country’s growth at a time of rising tensions with the West. More than half of China’s iron-ore imports arrive from Australia, which has faced a trade backlash from Beijing after calling for an investigation into the origins of Covid-19 in central China.
