On March 7, Hainan Province-based Chinese mining company Hainan Mining Co., Ltd. inked an annual strategic cooperation agreement for 2023 with Baowu Resources Co., Ltd., a subsidiary of major Chinese steelmaker Baowu Group. Accordingly, each party will give priority to ensuring the supply of resources or the sales channels required by the other party when there is imbalance between supply and demand in the mining market. Moreover, Hainan Mining will supply 1.0 million mt of iron ore to Baowu Resources, including lumps and fines.