This comes after China restricts the group’s Jimblebar iron ore, as discounts widen and lump premiums collapseBHP said on Jan 20 that it is still negotiating the annual contract terms with CMRG. PHOTO: REUTERS[BEIJING] BHP Group could face up to a US$2 billion hit from pricing pressures after China restricted its Jimblebar iron ore, as the discounts widen and lump premiums collapse, said Goldman Sachs Group. The group’s revenue could be reduced by a further US$1 billion due to the discounts on lump products, with Newman Lump discounts driving an 80 per cent fall in premiums paid on the product. China implemented the curbs in September as part of the country’s push to gain greater bargaining power with the world’s top iron ore suppliers, arguing that its vast steel industry should secure better terms. The company said on Jan 20 that it is still negotiating the annual contract terms with CMRG.