Radiant unloads BHP iron ore in China as trader tests curbs

A bulk carrier laden with BHP Group’s Jimblebar iron ore has discharged in China after weeks idling offshore, in a rare case of a trader pressing ahead with restricted cargoes despite an ongoing pricing dispute.

The Berge Mawson unloaded its cargo, owned by trading firm Radiant World, at the northern port of Caofeidian in the first week of January and has now left the country, Bloomberg ship tracking data show. The vessel saw lengthy delays after port storage constraints led to a backlog of ships waiting to offload cargoes.

The Jimblebar Fines blend is one of the BHP products subject to curbs imposed by China’s state-run iron ore trader. The nation is the world’s largest buyer of the steelmaking staple and BHP one of its biggest suppliers. As such, the fate of the cargo has become a focal point for traders wanting to gauge whether restricted material can ultimately be sold in the country, according to people familiar with the matter.

Radiant World is a private trading company that has grown rapidly in recent years to become one of the largest players in the market. The Berge Mawson had been anchored off the coast since early December before finally docking on December 31.

It isn’t clear whether Radiant has found a buyer, or whether the ore is stacked up at the port and yet to clear customs. Prolonged delays to shipments threaten to tie up vessels and raise demurrage and storage costs.

BHP is locked in a dispute with China Mineral Resources Group Co, the state-run firm set up in 2022 to consolidate iron ore purchases and wrest pricing power away from foreign miners. Although CMRG told steelmakers in September to stop purchasing Jimblebar, there may be mills that aren’t linked to the state-owned firm willing to take the product. Others might seek special approval from CMRG.

Radiant World and BHP both declined to comment. CMRG didn’t respond to a request for comment. Another vessel loaded with BHP ore that’s being closely watched by traders, the Ever Shine, has been idling off the port of Qingdao since early December

CMRG is also in talks with BHP’s Australian peers, Rio Tinto Group and Fortescue, for long-term supply deals in 2026. Meanwhile, Chinese customs have been stepping up checks to screen for cargoes of BHP ore, said two of the people, who declined to be named, discussing a sensitive matter.

China’s customs administration didn’t immediately respond to a fax seeking comment.

© 2026 Bloomberg

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