China Baoshan Iron & Steel Co. Ltd., also known as Baosteel, announced (May 11) on its public social media account that it had made a Yuan-denominated iron ore purchase worth more than 100 million yuan ($14 million) from Anglo-Australian miner Rio Tinto Group using blockchain technology.  In January, the steel giant made a 330 million yuan transaction with Brazilian miner Vale SA, and last month completed a 100 million yuan-denominated trade with the world’s top listed miner BHP Group Ltd. Last year the company said it would seek to sign more yuan-denominated contracts with overseas companies.

(Comment: Caixin said this is the third Yuan-denominated overseas transaction of the year by China Baoshan Iron & Steel Co. Ltd, roughly doubling the value of such deals it made in 2019.)