China’s state-run buyer China Mineral Resources Group this week ordered mills and traders to halt purchases of all new BHP Group iron ore cargoes, freezing dollar-denominated deals and lifting Singapore iron ore futures 1.8% to $105.05 per ton. BHP shares fell as much as 4.8% in London while iron ore futures jumped around 1.8% to $105.05 following the news. The suspension means no new dollar-priced seaborne contracts with BHP can be signed, including cargoes that have already departed Australia. The only BHP tons currently tradable in China are yuan-priced shipments already landed at Chinese ports. It now represents over half of China’s steel industry in negotiations with miners including Rio Tinto and Vale.