keywords :
BHP Group and the world’s top steel producer China Baowu Steel Group have completed a cross-border trade settlement for iron ore using a blockchain platform, according to a statement by BHP on Wednesday.
Commodity groups have in recent years been seeking to save money through digitisation initiatives, in a sector that still uses millions of paper documents, faxes and emails, but progress has been slow.
The transaction between BHP and Baowu Steel was worth $11 million and was done on the EFFITRADE cross-border trade financial services platform.
BHP recently completed a $30 million blockchain trade in copper concentrate with China Minmetals Corp using online platform Minehub.
Earlier in June 2020, it conducted its first blockchain trade in iron ore with Baowu unit Baoshan Iron & Steel Co Ltd, also using MineHub.