On September 10, Rio Tinto PLC declined 3.9% in regular trading, trading at $99.16/share, with turnover of $37.79 million. The decline came amid a broad selloff across the diversified metals and mining sector and escalating pressure from Chinese iron ore procurement negotiations.

According to reports, China Mineral Resources Group (CMRG), the centralized iron ore procurement platform, has instructed certain domestic steel mills to suspend purchases of Rio Tinto's flagship Pilbara Blend product as contract negotiations enter a critical phase. This follows a similar strategy previously applied to BHP, which endured seven months of standoff before finalizing a deal at a rare discount in April. Market rumors on September 10 further suggested that CMRG and Rio Tinto may be nearing an agreement, putting near-term downward pressure on ore prices.

The broader sector posted steep losses, with BHP Billiton down 6.07%, Teck Resources down 8.25%, and HudBay Minerals down 8.85%. While Rio Tinto's iron ore division remains its largest profit contributor, the shifting bargaining power toward Chinese buyers adds uncertainty to its near-term revenue outlook.

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