ECNS reported that a growing number of overseas mines are carrying out yuan settlement for spot trades at Chinese ports, which is not only helpful for the wider application of the yuan in commodity settlement but also illustrates the importance of the Chinese market to global miners. Australian iron ore conglomerate BHP saw its first shipment of yuan-based spot trade iron ore dock at a port in East China's Shandong province on 10 July. The vessel Vittoria loaded with iron ore from a mine in Western Australia arrived at Rizhao Port, China's major iron ore trading port, two weeks after departing Port Hedland. This demonstrates BHP's long-term commitment to the Chinese market, the largest iron ore importer in the world, and to the flexibility of its iron ore sales to better align customer demand with supply chain capability and support liquid and transparent markets to ensure the sustainable development of the iron ore market.In April 2020, BHP agreed to a 100 million yuan sale with Chinese steel giant Baosteel and pledged to continue sales in yuan.Yuan settlement of iron ore purchases shows how global miners value the Chinese market as global mining companies including Australia's Rio Tinto, BHP Group, Fortescue Metals, as well as Brazil's Vale, have all conducted yuan-denominated transactions in China during the past few years. Brazilian mining giant Vale SA started regular yuan-denominated spot trading in 2017. Rio Tinto, the world's second-largest iron ore miner, started iron ore spot trading through Chinese ports in 2019. The port-side transactions are all settled in yuan, contributing to about 14 million tonnes of the company's sales to China in 2021.Carrying out yuan settlement for spot trades at ports will also reduce the use of the greenback amid possible economic risks brought by huge exchange rate fluctuations to Chinese steel enterprises.