Fortescue Chairman Urges China to End Iron Ore Buying Strategy

Fortescue Ltd.’s Executive Chairman Andrew Forrest said China’s state-backed iron buyer should stop using tactics aimed at negotiating lower prices for the key steel ingredient.

Speaking Wednesday on Bloomberg Television from the Boao Forum for Asia in Hainan, the miner’s billionaire founder said China Mineral Resources Group Co. was trying to “create a cartel” and cautioned it shouldn’t “poke a bear,” referring to Australia’s economy.