Iron ore trade platform starts
By Richard Fu |
January 17, 2012, Tuesday
|
Print Edition
Print Edition
CHINA launched its first physical iron ore trading platform yesterday in Beijing in a bid to strengthen the country's pricing power over a commodity for which it's the biggest buyer.
The China Beijing International Mining Exchange started the online platform along with the China Iron and Steel Association and the China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters.
Industry officials have said China's say on iron ore prices didn't match its status as the world's largest consumer and buyer of the steel-making ingredient, with high prices squeezing the profitability of the domestic steel industry. Vale of Brazil and Anglo-Australian miners BHP Billiton and Rio Tinto now control the majority of global seaborne ore trade.
"The platform will help establish a trustworthy iron ore pricing system, preventing bad-intention speculation and subsequent price volatility," the Beijing exchange said.
The new platform could rival the similar globalORE trading exchange, based in Singapore.
The Beijing platform will focus on physical trading and won't offer iron ore trading derivatives such as swaps and futures, the exchange said, as it aims to reflect prices based on actual demand and supply.
The China Beijing International Mining Exchange started the online platform along with the China Iron and Steel Association and the China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters.
Industry officials have said China's say on iron ore prices didn't match its status as the world's largest consumer and buyer of the steel-making ingredient, with high prices squeezing the profitability of the domestic steel industry. Vale of Brazil and Anglo-Australian miners BHP Billiton and Rio Tinto now control the majority of global seaborne ore trade.
"The platform will help establish a trustworthy iron ore pricing system, preventing bad-intention speculation and subsequent price volatility," the Beijing exchange said.
The new platform could rival the similar globalORE trading exchange, based in Singapore.
The Beijing platform will focus on physical trading and won't offer iron ore trading derivatives such as swaps and futures, the exchange said, as it aims to reflect prices based on actual demand and supply.
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