Baosteel, Rio Tinto realize RMB-based iron ore trade

The office buidling of China Baowu Steel Group. (Photo provided to China News Service)

Shanghai-based Baosteel and Australia's Rio Tinto have completed their first cross-border RMB settlement using blockchain technology, the former's parent company China Baowu Steel Group announced Tuesday.

The deal was worth over 100 million yuan ($14.10 million).

Baosteel completed its first cross-border RMB settlement with Brazil's Vale SA Group in January and Australia's BHP in April. So far, China Baowu has realized iron ore trade with the world's "three giant" suppliers in the from of cross-border RMB settlement.

The use of RMB settlement falls in line with the development trend of RMB internationalization, Baowu said.

Chen Derong, Baowu's chairman, said he would like to strengthen cooperation with all parties for long-term prosperity.

Baosteel Corp and Wuhan Iron and Steel Corp merged into Baowu Steel Group in September 2016.