How China Is Taking On Mining Giants to Reorder a $190 Billion Market

The driving force behind this push is China Mineral Resources Group (CMRG), an opaque but powerful state-owned company that reports directly to Beijing’s central government. (AP Photo/Ng Han Guan) For decades, China has tried to turn its massive buying power as the world’s largest consumer of commodities into real influence over prices. Now, with iron ore — the most traded raw material after oil and the backbone of global industry — it is closer than ever to achieving that goal. The driving force behind this push is China Mineral Resources Group (CMRG), an opaque but powerful state-owned company that reports…