What does RMB settlement for Australian iron ore mean for Chinese steelmakers?

What does RMB settlement for Australian iron ore mean for Chinese steelmakers?
BHP accepting RMB settlement signals a shift in a market long priced through the Platts index, an opaque mechanism where a few cargoes can move the daily assessment and feed leveraged futures trades. China imports the bulk of seaborne ore, yet historically lacked pricing voice because hundreds of mills negotiated separately. Consolidating demand through a single state platform, plus prior RMB contracts with Vale and Brazil, changes the bargaining structure. For mills, currency settlement reduces FX exposure and chips away at dollar-denominated pricing conventions that have favored the three major miners.