China has lifted a ban on purchases of MB fines, a grade of iron ore produced by Australia’s Hancock Prospecting, according to information conveyed to steelmakers on October 30, 2025. The change follows earlier restrictions that began in early 2024 amid stalled negotiations between Hancock’s Roy Hill operations and China Mineral Resources Group (CMRG), the state‑backed entity created in 2022 to consolidate iron ore procurement and bolster China’s pricing power. CMRG has informed mills that purchases of MB fines can resume; however, it remains unclear whether a broader agreement has been finalized. CMRG is currently the only authorized seller of Hancock ore in China. The policy shift marks a notable adjustment in China–Australia iron ore trade dynamics, potentially improving supply flexibility for Chinese buyers. Hancock Prospecting, formed by combining Roy Hill and Atlas Iron assets, has a combined iron ore capacity of about 74 million metric tons per year. Iron ore is China’s critical steelmaking feedstock, and procurement policies can influence flows and benchmarks that underpin seaborne pricing. Market participants will be watching for subsequent guidance on other Hancock products and whether this development signals further normalization in commercial arrangements between Australian suppliers and China’s centralized buyer.