At the "2012 China Iron Ore Conference" that ended in Beijing yesterday, industry experts began a heated discussion around the development of international iron ore financialization. For the international iron ore market, the iron ore price index is the key basis for both futures and swaps. In fact, from Rio Tinto BHP Billiton's three major international iron ore suppliers announced the abandonment of annual pricing, starting with the monthly pricing of iron ore price index, the global iron ore financialization has already had the initial conditions for development. The iron ore index has become the benchmark for international iron ore pricing. Phillip Killicoat, vice president of commodities at Credit Suisse Group, pointed out that 85% of the global iron ore trade in 2006 relied on annual long-term agreements, 15% on spot pricing; and with the change in iron ore pricing mechanism, it is expected 2012 70% of the international iron ore trade will be priced according to the index, 25% will be based on spot pricing, and 5% will be the annual long agreement price. It can be seen that in the process of iron ore financialization, the index will play a vital role. The current world's major iron ore price index mainly includes the Platts Index TSI Index MBIO Index. The Platts Index is currently the main reference index for the Big Three, such as Rio Tinto. When the Indian Commodity Futures Exchange officially launched iron ore futures products in January 2011, the Platts Index immediately launched an index for the 52% grade of Indian mines, seeking to seize The beachhead position of iron ore financialization. The Singapore Commodity Futures Exchange SMX iron ore futures contract, which was listed in August 2011, is settled using the MBIO index. The TSI index is more important to use iron ore swap prices as an important reference. With its strong financial attributes, it has entered the Singapore Exchange for trading. It is worth noting that in June 2011, after Platts acquired Global Steel Group, the TSI index was officially included in Platts. However, as Yang Hua, a deputy director of Xinhua Consulting, Xinhua Consulting, said at the meeting: “China is the world's largest importer of iron ore. The demand for iron ore accounts for more than 60% of the total global export volume. Send your own voice.†On March 12, 2011, Xinhua News Agency released the first China iron ore price index “Xinhua-China Iron Ore Price Indexâ€; subsequently, on October 10, 2011, China Iron and Steel Association officially The “China Iron Ore Price Index†was released. Although there are still questions about the iron ore price index issued by China at home and abroad, there is no doubt that Chinese institutions have issued iron ore price indices as a voice for global iron ore stakeholders, which should be a global reflection. An important reference indicator for the actual supply and demand of iron ore. At present, Rio Tinto BHP Billiton Vale has clearly stated that it will accept any iconic independent iron ore index as the basis for quotation. “Iron ore is currently the only bulk raw material commodity without financialization. Under the condition that the physical pricing has basically been transformed, the iron ore financialization may become the future development trend.†British Metal Guide (MBIO Index Setter Index Business) Director Cameron Hunt said. Some analysts pointed out that the financialization of iron ore seems to be gradually approaching. After the three major mines further indexed the iron ore pricing mechanism, whether Chinese steel enterprises participate in iron ore Swap transactions are getting more and more attention. In fact, many steel companies have started preparations for participating in iron ore swap futures trading. Wang Yifang, chairman of Hebei Iron and Steel Group Co., Ltd., said that by the end of the "Twelfth Five-Year Plan" Hegang will be built into an iron and steel enterprise group integrating the five major sectors of steel resources equipment manufacturing and financial logistics.
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