Representatives from the major iron ore miners were informed of the changes by Chinese officials in recent meetings. The current structure for “term” supply contracts — in which steelmakers place orders on a quarterly basis and use a spot index for pricing — is expected to continue, with CMRG taking over responsibility for certain contracts to begin with, said the people. Iron ore futures slumped as much as 3.9 per cent in Singapore on Friday, the biggest drop this month. Multiple attempts to seek comment from CMRG were unsuccessful. Baoshan Iron & Steel, the listed unit of Baowu, did not...