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Rio joins China's iron ore trading platform
By Richard Fu |
March 30, 2012, Friday
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Online Edition
Online Edition
CHINA'S new iron ore trading platform marked a major victory by securing Australian miner Rio Tinto as its member.
At a ceremony in Singapore today, Rio signed up to become a member of China Beijing International Mining Exchange (CBMX), an electronic trading platform launched in January that's designed to strengthen China's iron ore pricing power, the key ingredient in steel making.
"We welcome the development of CBMX as it gives us a new option for selling any available tons to China, over and above those already contracted. We look forward to the exchange developing into a transparent, independent, efficient and sustainable iron ore trading platform supported by broad market participation," said Alan Smith, president for Rio Tinto Iron Ore Asia.
The signing came a day after Brazilian miner Vale signed a memorandum of understanding with CBMX to support the development of the platform.
The Chinese exchange, backed by major Chinese steel producers and traders, could rival the similar Singapore-based globalORE trading exchange, backed by Australia's BHP Billiton.
BHP hasn't signed up with the Beijing platform yet.
"Our position is that we are positively studying participation and are in principle supportive of any platforms that support market transparency and liquidity," a BHP spokeswoman said. "Over the past year, we have actively worked with customers and other industry participants on such initiatives, such as globalORE and the China spot platform."
Vale, Rio and BHP control the majority of the world's seaborne iron ore trade.
Fortescue Metals Group Ltd, Australia's third largest iron ore exporter, became the first foreign mining company member of CBMX last week.
Trading on the Beijing platform will officially start in May.
At a ceremony in Singapore today, Rio signed up to become a member of China Beijing International Mining Exchange (CBMX), an electronic trading platform launched in January that's designed to strengthen China's iron ore pricing power, the key ingredient in steel making.
"We welcome the development of CBMX as it gives us a new option for selling any available tons to China, over and above those already contracted. We look forward to the exchange developing into a transparent, independent, efficient and sustainable iron ore trading platform supported by broad market participation," said Alan Smith, president for Rio Tinto Iron Ore Asia.
The signing came a day after Brazilian miner Vale signed a memorandum of understanding with CBMX to support the development of the platform.
The Chinese exchange, backed by major Chinese steel producers and traders, could rival the similar Singapore-based globalORE trading exchange, backed by Australia's BHP Billiton.
BHP hasn't signed up with the Beijing platform yet.
"Our position is that we are positively studying participation and are in principle supportive of any platforms that support market transparency and liquidity," a BHP spokeswoman said. "Over the past year, we have actively worked with customers and other industry participants on such initiatives, such as globalORE and the China spot platform."
Vale, Rio and BHP control the majority of the world's seaborne iron ore trade.
Fortescue Metals Group Ltd, Australia's third largest iron ore exporter, became the first foreign mining company member of CBMX last week.
Trading on the Beijing platform will officially start in May.
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