Following the introduction of the iron ore price index, in order to further standardize the iron ore market order, the Chinese iron ore spot trading platform was officially launched on January 16, 2012.
It is reported that the platform was jointly initiated by China Iron and Steel Industry Association, China Minmetals Chemicals Import and Export Chamber of Commerce, and Beijing International Mining Rights Exchange. Currently, Baosteel, Anshan Iron and Steel, Wuhan Iron and Steel, Shougang and Hebei Iron and Steel (2.91, -0.02, -0.68%) Large steel mills and some traders are involved. The platform was established to reduce price speculation and promote the formation of a fair, equitable, reasonable and transparent international pricing mechanism. Some analysts pointed out that this is another force after China's rectification of the imported iron ore market following the import of mineral agency system. Iron ore prices have evolved to monthly pricing under the control of the three major mining giants, and the linkage with spot mines is more obvious.
According to customs data, China imported 686 million tons of iron ore in 2011, a year-on-year increase of 10%, while prices increased by 40%.
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