Baoshan Iron and Steel (Baosteel) recently signed a 100 million yuan ($14.1/million) iron ore deal via blockchain with one of the world's largest mining companies from the UK, Rio Tinto.
Having preferred the yuan over other currencies in its recent trade, Baosteel purchased 330 million yuan ($48.43 million) of iron ore from a Brazilian iron ore miner in January.
Likewise, in April, a commercial agreement worth approximately 100 million yuan was signed between Baosteel and Australian miner BHP Group. BHP stated that Baosteel's iron ore transaction via blockchain will be completed soon.
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