Fortescue Ltd.'s Executive Chairman Andrew Forrest has called on China to end its state-backed iron ore buying strategy, criticizing tactics aimed at negotiating lower prices for the key steel ingredient. Forrest's comments highlight growing tensions between major iron ore producers and Chinese steelmakers over pricing practices.

The iron ore market has long been characterized by price negotiations between producers and major consumers, with China being the world's largest steel producer and iron ore importer. Fortescue's chairman argues that these state-backed buying strategies distort market dynamics and put pressure on mining companies' margins.

This public criticism from one of Australia's mining leaders underscores the ongoing battle over iron ore pricing, which directly impacts the profitability of major producers like Fortescue, BHP, and Rio Tinto. The dispute reflects broader concerns about market fairness and the balance of power in global commodity trading.